Rent Comps (by Kate [TX]) Jul 28, 2021 8:52 AM|
Rent Comps (by Sisco [MO]) Jul 28, 2021 9:11 AM
Rent Comps (by WMH [NC]) Jul 28, 2021 10:08 AM
Rent Comps (by Oregon Woodsmoke [ID]) Jul 28, 2021 10:52 AM
Rent Comps (by Sorta Blonde [CA]) Jul 28, 2021 12:07 PM
Rent Comps (by DJ [VA]) Jul 28, 2021 3:58 PM
Rent Comps (by Pmh [TX]) Jul 28, 2021 5:33 PM
Rent Comps (by MikeA [TX]) Jul 28, 2021 7:48 PM
Rent Comps (by Oregon Woodsmoke [ID]) Jul 29, 2021 1:32 PM
Rent Comps (by LisaFL [FL]) Jul 29, 2021 2:15 PM
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Rent Comps (by Kate [TX]) Posted on: Jul 28, 2021 8:52 AM
I am interested to see where/what everyone uses to check rent comps for your properties?
I use a few places, however, the comps are all over the place so I don't feel like I am getting accurate results. Any help would be greatly appreciated!!
Also, if you use a property management software, which one do you use, would you recommend it and what is your favorite feature about it?
Rent Comps (by Sisco [MO]) Posted on: Jul 28, 2021 9:11 AM
Kate, I check the local property management company website and Zillow for comps. --149.76.xxx.xxx
Rent Comps (by WMH [NC]) Posted on: Jul 28, 2021 10:08 AM
These days, I go by the average incomes of applications I received for the LAST place. Triple that and there's the rent for the next place. Well, I also check Craigslist and FB but I have found that pushing the envelope on rent means I have a much smaller pool of decent prospects. --50.82.xxx.xxx
Rent Comps (by Oregon Woodsmoke [ID]) Posted on: Jul 28, 2021 10:52 AM
I look and see what is available on the market and how much they are asking. I check several times a week so I can tell if a place is not getting rented in a reasonable time, which might mean they are asking too much.
Normally, the other landlords in the are are pretty good at keeping up with the market and whatever they are asking is pretty close to what market is.
Be sure you are comparing apples to apples. Imagine you are a tenant and have a set amount you can spend on rent and then compare your place to whatever else is on the market at that price. The tenants are going to take the one where they get the most for their money, but don't seem to be interested in taking a lesser place to save money. So you only need to price the ones that are similar to yours. --76.178.xxx.xxx
Rent Comps (by Sorta Blonde [CA]) Posted on: Jul 28, 2021 12:07 PM
I check Zillow for my zipcode to see what's available in similar rentals, then I price mine just slightly below the others. Seems to get good results. Unfortunately, rents here are now sky high ($2500. for a 2 bedroom) and I'd never charge that much! --72.207.xx.xxx
Rent Comps (by DJ [VA]) Posted on: Jul 28, 2021 3:58 PM
realtor dot com, craigslist, zillow.
I like to compare the photos to the condition of mine & adjust rent accordingly. --68.229.xxx.xxx
Rent Comps (by Pmh [TX]) Posted on: Jul 28, 2021 5:33 PM
I look at on line ads & local rent sites. I push the envelope. I donít want hundreds of applicants. I want the few who are qualified to rent. my houses have all appliances, fenced back yards, pets allowed, non smoking (big target mkt) so have no qualms about my rents. all my renters current & in the past have averaged 2 -3 years. I offer all leaving tenants referral fees 100 each no matter who in a house refers to me someone I rent to. I also promise them same day refund of deposit if they vacate a few days early so I can turn a house. --107.77.xxx.xxx
Rent Comps (by MikeA [TX]) Posted on: Jul 28, 2021 7:48 PM
I look at FB Marketplace and Zillow, particularly pictures to compare. Look for things that are different (extra spaces, central air, attached garage, fireplace, etc) general condition, location differences (particularly busy streets), how dated finishes are, and how good the floor plan is. Then I adjust up or down appropriately. I also exclude anything that has been listed more than 3 weeks as comparable, usually there is a reason they haven't been rented in this market and I don't need rogue influences when setting the price. --209.16.xx.xxx
Rent Comps (by Oregon Woodsmoke [ID]) Posted on: Jul 29, 2021 1:32 PM
Sorta Blonde, I hear what you are saying. Rents here are crazy and I don't know how any tenant is paying that much rent.
However, those places are flying off the market. They might only be advertised for two days and they are gone. If I had a vacancy I'd try for that price because I don't believe in paying part of the rent for my tenants. They aren't my friends and they aren't my relatives, so why would I subsidize their housing costs?
After saying that, I am not raising my good tenants to full market price. I know what their income is and if I raise rents that much, they will have to move and I don't want a vacancy in this market, not when I have excellent tenants. I am doing smallish raises, wanting them to stay.
The price of houses has nearly doubled, so any one buying a house right now is going to have to get those high rents to cover the mortgage. Real estate is nuts right now. --76.178.xxx.xxx
Rent Comps (by LisaFL [FL]) Posted on: Jul 29, 2021 2:15 PM
I use Zillow, local ads and rentometer. --75.89.xxx.xxx
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