Identifying the rental market in my area

4 Replies

Hi,

I have been starting to gauge the rental market in my area (southwest florida). I have been checking rents on Craig's list to get an idea and have asked a local realtor as well to get his opinion.

Can anyone provide other tips on how to get a grasp on rental prices in my area? Thanks

I've found the results shown at https://www.rentometer.com/ are generally pretty accurate.  What it doesn't give you is the demand.  As somebody who lived in SW FL the last 2 years, I can say that there are definitely areas where rentals make sense and plenty where they do not.  You're not going to cashflow on a water front property and you may have issues with seasonality and/or demand in a very tourist-driven area.

If you have an idea of where you'd like to invest and what the numbers might look like, a good way to test the waters is to put an ad on craigslist showing a potential property with the rent you'd expect to get and see what kind of interest it gets.

For my rentals in Louisville, over the past 6 years I've had anywhere from 2-3 emails a week to 30+ emails per day depending on the location, rental rate and time of year.

As @Michael Seeker says, RentOMeter will do the job for you.  Just make sure you completely ignore the "Gauge" they use.  Only look at the map, and the "candlesticks".  The gauge gives you an average analysis...which is useless.  Look at the map, and find the groupings of similar color candlesticks.  When you find the same color(s) in a group, you have your analysis of that specific area (micro-market) for rental numbers.  There's more to it than that though, but this at least gets you in the right direction.

Go to CityLeases.com to find listings, tenants looking for you, where you can list your properties, and more.  You can also get a pretty good indication of demand there too.

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