Information need to call property managers to determine rent?

Question

Hi,

I'm thinking of renting out my SFH (I'm planning on moving) and would like to know how much rent I could expect to get for it.  I have looked at CL and seen homes in this area rented both long and short term.  If I call up local property management, can they give me an idea of my options?  What specific information should I have before calling, or will they just give me a rough estimate based on my location, size of the house, etc? 
Thanks very much!

-Dinah

Chris Martin · Answer

Another resource, although I can't vouch for it anywhere else, is rentOmeter.com. Seems to be pretty accurate in my area for some rental price ranges. Again, I've not used it outside wake county, NC. Not a plug or endorsement, just something to explore.

Dina Harleth · Answer

Chris Sweeney, this is a great idea.  I will definitely call back tomorrow pretending to be a prospective tenant looking for a house in this area. :) Thanks for the excellent tip!

Chris Sweeney · Answer

Dina Harleth One other trick I learned is to call the property managers twice: once as a prospective tenant and once as a landlord.  Some PM companies will give you an inflated value when they want to earn your business as a landlord but give a more realistic value to prospective tenant.

Dina Harleth · Answer

Lynn M., Steve Babiak, Matthew Rutledge, thank you all for the help! I used all the online resources you suggested and also called up property managers and now have an idea of what my house can rent for.  I'm very excited! :)

Thanks again for taking the time to help me out.

Steve Babiak · Answer

To find the BP list for "Fair Market Rents", you choose the "Resources" tab near the top of the page, and you'll get a menu to pick from; take the "REI Resources" selection.  Then you will get to a a page where there will be a section called "Landlord Resources", underneath of which will be the link for "Fair Market Rents".  I encourage all BP readers to familiarize themselves with many of the pre-existing resources, so as to avoid asking one of those FAQ items ... especially when the answer already exists!

Matthew Rutledge · Answer

There are three resources I use to do a quick check on expected rent for a property:

1) Craigslist - you did that.
2) Zillow.com - They tend to be optimistic, but it's a good check.
3) County section 8 rates

County section 8 rates should be considered the floor of the market in most areas.  If you are renting below section 8 rates there should be a good reason.

When looking at zillow I tend to focus on their "range" rather than their "estimate."  The low end of the range is likely to rent faster than their estimate or the high end.

With those three resources you should be able to get a pretty good idea of what your area and home should rent for without pestering a property manager.

-Matt

Lynn McGeein · Answer

I'm not sure how specific you need to be, bdrm, bth, townhouse or detached, garage, living area if you know it, but most people get that wrong, anyway.   Most can pull up your info on city records with your address, and then they'll ask you what they find specific for your market.   Some areas, it's common to have all appliances, some not.  If yours is standard for the area, it should be easy to get a rent estimate.  I imagine rents are stated assuming it's ready to rent, everything working properly and in good shape.  There are some topics on here that discuss how to hire a property manager, what you should be looking for and asking them, etc., once you get to that stage.

Dina Harleth · Answer

Lynn M., thanks for the information.  So do I need any information other than my address, approximate square footage, etc when speaking to management companies? I'm not sure, for instance, whether I'm going to upgrade the flooring, etc.  But a rough estimate at this point will be adequate.

Thank you so much!

Lynn McGeein · Answer

My property manager gives me a current rental analysis each year before we send a renewal letter, listing range of rents in our area, actual current rentals and vacant ones listed for rent, and what price they recommend for our specific property.

You say you're planning on moving, so wanted to remind you that if you rent out your primary residence, in order to buy another home you will need to qualify for both payments without using any rental income you receive from that house for at least 2 years.  That little annoying requirement started a few years back when too many people bought another house, moved, then stopped paying on the first one.  We weren't aware of it until we rented our home and moved for work 2 years ago.  Luckily, we were not buying right away, anyway, as we didn't know our new area, but it was not a nice surprise when we did apply for a loan after one year.  Thought it might be important to know in advance if you're deciding whether to rent or sell.