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User Stats

3
Posts
5
Votes
Hassan DeWitt
5
Votes |
3
Posts

What Is The Current Average Rent For 3 Bd 2+Ba In The Columbus Ohio Market

Hassan DeWitt
Posted

Hello people of BiggerPockets,

I'm reaching out to the community to get some feedback from investors investing in the Columbus Ohio market. I'm potentially looking to invest in several SF 3 bd 2 ba properties in this market. Class and location not determined yet. I'm working out the numbers, but one number seems inconsistent which is rent. I'm not quite sure what the average is in this market. My thought process is to reach out to local agents and potential management companies to get a gauge, but on top of that I thought getting a gauge on what investors are actually changing would give me a boots on the ground feedback which has some weight to it.

On that note, for any investors investing in the Columbus Ohio market who are willing to be open, would you mind sharing with me on what you are charging for rent, property class, maybe the length of your lease and area? I would greatly appreciate it any details provided.

Also, for anyone thinking of providing advice which one can get via Google, please, it's not necessary. This is not a inquiry for how or where to invest, but simply me gauging the rent market.

I am looking forward to your responses, and thanks in advance!!!

User Stats

849
Posts
825
Votes
Simon Ashbaugh
  • Realtor
  • Columbus Ohio, Cleveland Ohio
825
Votes |
849
Posts
Simon Ashbaugh
  • Realtor
  • Columbus Ohio, Cleveland Ohio
Replied

You'd have to narrow it down. I could tell you median rent comps are at $3200 for A class but thats in german village and wouldnt accurately reflect other A class areas. My best advise is to go Here https://www.rentometer.com/ and plug in addresses where youre interested.

User Stats

2,901
Posts
2,998
Votes
Corby Goade
Property Manager
Agent
  • Investor
  • Boise, ID
2,998
Votes |
2,901
Posts
Corby Goade
Property Manager
Agent
  • Investor
  • Boise, ID
Replied

Start calling local property managers who are NARPM affiliates. They do quarterly market surveys and the info in those reports are pure gold. You'll find one who will be happy to email you the latest report. Real time, hyper local data. 

  • Real Estate Agent

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User Stats

27,176
Posts
40,009
Votes
Nathan Gesner
Property Manager
Agent
Pro Member
  • Real Estate Broker
  • Cody, WY
40,009
Votes |
27,176
Posts
Nathan Gesner
Property Manager
Agent
Pro Member
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Hassan DeWitt:

It's not that easy. The price for a 3bed/2bath in one neighborhood may be half what it is in another. Prices fluctuate based on location, size, quality, layout, amenities, the quality of the neighbor's lawn, access to parking, noise levels, and 172 other factors.

Narrow in on specific communities, then study the market by looking at other rentals advertised online or using computer algorithms like Zillow estimates or rentometer.

Account Closed
  • Columbus, OH
254
Votes |
427
Posts
Account Closed
  • Columbus, OH
Replied

It'll vary from neighborhood to neighborhood. Overall data will paint a broad picture, but you'd have to crunch these numbers by neighborhood to avoid inaccurate numbers. Once you get more specific in terms of strategy and neighborhood class, it'll be easier to get more accurate numbers for rent comps.

User Stats

1,485
Posts
1,259
Votes
Jimmy Lieu
Agent
  • Real Estate Agent
  • Columbus, OH
1,259
Votes |
1,485
Posts
Jimmy Lieu
Agent
  • Real Estate Agent
  • Columbus, OH
Replied
Quote from @Hassan DeWitt:

Hello people of BiggerPockets,

I'm reaching out to the community to get some feedback from investors investing in the Columbus Ohio market. I'm potentially looking to invest in several SF 3 bd 2 ba properties in this market. Class and location not determined yet. I'm working out the numbers, but one number seems inconsistent which is rent. I'm not quite sure what the average is in this market. My thought process is to reach out to local agents and potential management companies to get a gauge, but on top of that I thought getting a gauge on what investors are actually changing would give me a boots on the ground feedback which has some weight to it.

On that note, for any investors investing in the Columbus Ohio market who are willing to be open, would you mind sharing with me on what you are charging for rent, property class, maybe the length of your lease and area? I would greatly appreciate it any details provided.

Also, for anyone thinking of providing advice which one can get via Google, please, it's not necessary. This is not a inquiry for how or where to invest, but simply me gauging the rent market.

I am looking forward to your responses, and thanks in advance!!!

Hey Hassan, so this is definitely a loaded question and rents vary drastically from area to area. With that being said, I would strongly recommend working with an investor agent who specializes in real estate investing and knows the rental market extremely well or asking a property manager for more information. With that being said I have done many BRRRRs, flips, and own my successful rental portfolio and with many clients, I always make sure to provide ARV comps, rent reports, investor thoughts, and many more resources! As a local investor and agent here, let me know if you have any questions or want to connect

User Stats

3
Posts
5
Votes
Hassan DeWitt
5
Votes |
3
Posts
Hassan DeWitt
Replied

Thanks y'all!

I figured reaching out to local management companies and agents was the best approach. Thanks for the feedback and advice!

User Stats

8
Posts
5
Votes
Natalia Sturza
  • Investor
  • Portland, OR
5
Votes |
8
Posts
Natalia Sturza
  • Investor
  • Portland, OR
Replied
Quote from @Hassan DeWitt:

Thanks y'all!

I figured reaching out to local management companies and agents was the best approach. Thanks for the feedback and advice!


 Smart move 👌

User Stats

771
Posts
887
Votes
Alfath Ahmed
Agent
Pro Member
  • Real Estate Agent
  • Columbus, OH
887
Votes |
771
Posts
Alfath Ahmed
Agent
Pro Member
  • Real Estate Agent
  • Columbus, OH
Replied

I would recommend the following: 

1.rentometer.com 

2. rencast.io 

3. Speak to your PM

4. Ask your realtor on his/her perspective

User Stats

373
Posts
413
Votes
Scott Allen
Agent
#5 Out of State Investing Contributor
  • Real Estate Agent
  • Columbus, OH
413
Votes |
373
Posts
Scott Allen
Agent
#5 Out of State Investing Contributor
  • Real Estate Agent
  • Columbus, OH
Replied

@Hassan DeWitt

You'll need a neighborhood map to differentiate neighborhood grades what average rents are nearby based on room count. 

Some people pay $2,500 a month for a 1-2bd luxury apartment while some people pay $2,500 a month for a 3bd/2ba house in the suburbs. 

I can share a neighborhood map with you. 

I also like to use rentometer to get a good idea of what rents are nearby. Past and active rentals on Zillow are a great way to analyze what you can get your rents to as well.