Accurate Rental Comps for Smaller Properties?

Question

Potential first-time REI in the San Francisco bay area. Rental rates here tend to vary sharply between neighborhoods and change rapidly (especially these days). Sites like Zillow seem to compare properties that aren't all that similar and their rent estimates seem inaccurate.

Does anyone have a solution to this problem? Has anyone had issues with accurately pricing rents? Services like Costar and YieldStar are geared towards much bigger properties than what I'm looking at.

Michele Fischer · Answer

What I have found to work the best, even though it is more time consuming, is to set aside some time each week to look on Craigslist and document details for units that are similar to what you have or are considering purchasing.

Korok Chatterjee · Answer

@Michele Fischer @Brian Garlington @Erin Dorsey Robinson @Chad Hale thanks for all the responses! I'll give rentometer a try and see how it compares to just doing my own research

Erin Dorsey Robinson · Answer

@Korok Chatterjee In addition to the other suggestions, I would call and survey some property managers. You are a potential future customer for them so I would think they should be willing to take your call. You might even hit two birds with one stone- this could double as a test for the quality of customer service they provide and help you decide who you might want to work with down the road.

Chad Hale · Answer

I'm not a fan or Rentometer for specific property pricing.

Best way to see current pricing is to look at what is advertised on a couple of leading sites for your area.  You then have to compare the properties, locations, beds/baths, amenities, condition, time on market etc to determine the appropriate price for your property.

Brian Garlington · Answer

@korok chatterjee    I second what Bjorn said.............I've used Rentometer as my bread and butter to get an idea of what to rent a place for and it's been pretty accurate for me in Concord  Oakland and Cleveland

Korok Chatterjee · Answer

Thanks Bjorn!

Bjorn Ahlblad · Answer

@Korok Chatterjee rentometer.com has been surprisingly accurate in my experience. Welcome to BP!

Accurate Rental Comps for Smaller Properties?

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