I am a newbie to this business. I am working on an owner financing deal in Charlestwon. Some of the tenants are already paying about $15000 for a two bedrooms & 1 bath apartment. The average rent in the area is $1200 from rentometer. If the deal goes through, do you think it will be wise to raise the rents? Will it be wiser to wait after Covid.
When comparing rents you need to make sure you are actually comparing apples to apples. How close are the comps? Same age properties? Same exterior condition? Same interior condition? Same amenities? Same square footage? Are you comparing a unit on the 2nd or 3rd floor to one on the same floor? Have you visited the comp property, at least the exterior and the neighborhood? If they are apples to apples; it sounds like the property already has rents 25% higher than comps.
Yes it does, Thank you