Grand Rapids, MI · Member since 2012 · 3 posts · 0 votes
Hello everyone, quick question - What is the best and most precise way to determine fair market rent for a property? The place I'm looking at is a modular home (one level - no basement ) and sits in a nice little gated community. Do I ask a few property managers? Other investors? Rentometer? Any help is greatly appreciated!
The answer is Yes, to all. I would call a couple property managers and ask if they have any similar properties in the area and if so what range of rents they are getting. Don't waste their time since you won't be using them and don't be surprised if they're not overly excited to give you their input.
Jump in Craigslist and search for rentals in your area. They now have a map feature which can make it easier than trolling through all of the ads.
Talk to other investors in that area to see what rents they are getting.
Rent-o-meter is a good tool but it too is not 100% accurate. I have found a number of times when I compare the rates to what I have been told, or know rents are going for, that it's pretty far off.
Reach out to other BP members in that area and get their opinions as well.