Im looking to buy and hold a property and for my analysis need to find what I can rent the property out for. What would you say is the best way to get the average price for rent in the area? I also need to find the fancy rate for the area. I get how to do the mathematical equation but don't know how to get the date.
Thanks in advance!
If you have a real estate agent on your team, they can search the area near you for closed leases on properties comparable to yours, in age/condition/square footage. Drive the area looking for rental signs and then put the addresses into zillow etc...to see if you can find interior pics. Call on non realtor rentals and ask questions on monthly rent/and above criteria. Good luck out there.
Thanks a lot Douglas!
I am a property manager in the greater sacramento area and on our website we have a link for Investors where they can put in a property address and it gives them a rent rate estimate. The website is www.sacramentopropertymanagement.com
Stephen, check out rentometer.com or hotpads,com. Good Luck.
This is a service I have used before:
I think it was 10 or 15 dollars the last time I used it. You get a nice couple of pages of detailed market rents in the area and trend lines of where things have been and some good data to help you decide where you want to go with your rent targets.
Hey Chris, thank you so much for the information!
Rentometer.com seems to work well
A call to a real estate agent that handles rentals or a prop mgmt company would probably get you started. I get a couple of these calls a month, and it only takes a couple minutes to answer questions or send comps of places that are already rented. Also, if you go the management route, you can start building a relationship in case you ever need a manager or repair recommendations.
Hey @Account Closed ,
When I'm deciding whether to even offer on a property, I look at MLS, Zillow, Craigslist and Rentometer.
CL has a map function that allows you to drill down into the specific area you're looking at.
I've developed relationships with few property managers in the area, and I call them as well. If they're worth their salt (as my mother would say), they'll be able to provide you a very accurate estimate of what the property will rent for, and also give you an idea of the vacancy rate in the area.
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