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Ike

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Posts: 4
Reply with quote  #1 

I found this to be helpful in researching areas where I want to buy rental properties and figuring out what are competitive rents. I network with other landlords and realtors, but this gives me the ballpark easily, and I find that tenants are checking it too. 

http://myrentrates.com/

AccidentalRental

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Posts: 32
Reply with quote  #2 
Thanks for sharing!
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Domenick | AccidentalRental - A profitable resource for new landlords

rp

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Posts: 24
Reply with quote  #3 
Zillow has a similar rent estimate thingy.  The scale / range for both of these sites is so large it's not very usual for setting an actual price.  

The best method is to put on your "I'm a renter looking for a place" hat and scour the popular listing sources used in your area (e.g. Craigslist, rent.com, etc).  Go check out a couple places that seem similar to yours and compare/ contrast them.  

Once I know what the actual rent should be, I'll price mine $10 or $20 below the similar one that is for rent near mine.  If the prospective tenant is comparing both, and they are similar, they'll go with the lower price.   If the market is hot and mine is the only one there, I'll list on the higher end of the scale and see what kind of interest I get; and then lowering as needed.  

Keep in mind, your primary goal is getting a high quality/ low hassle tenant!  Price is secondary to that.


-RP
BritneyR

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Posts: 224
Reply with quote  #4 
Thanks for sharing this link. It seems to be extremely useful.
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Hunter Rentals & Property Management

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