Market research
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Market research (by Bonanza [NC]) Sep 14, 2021 4:28 PM
       Market research (by Robert,OntarioCanada [ON]) Sep 15, 2021 12:53 AM
       Market research (by Robert J [CA]) Sep 15, 2021 1:27 AM
       Market research (by FloridaNative [FL]) Sep 15, 2021 8:50 AM
       Market research (by Oregon Woodsmoke [ID]) Sep 15, 2021 11:07 AM

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Market research (by Bonanza [NC]) Posted on: Sep 14, 2021 4:28 PM

So I did my standard research looking online for pricing on 2 bed 2 bath duplex. I even called a large local property management company and asked about the going rate which was 650 to 700. This unit was freshly remodeled and I put it out there for 750. It rented and everyone was happy.

So today I am looking at an apartment website (which I never do) and noticed that their 2 bed 2 bath apartments are $1100 and 2 bed 1.5 bath apartments are $1000. Now this is a nice apartment complex with a pool and probably a fitness room and I am wondering if I missed out or if the other duplex owners out there are missing out.

How different do you think the apartment market and the duplex market is? Mind you, my local market is 25K people in the city and 150K people in the whole county. It's not a big city and is fairly rural. Obviously they are finding people to stick in those units.

Random musings on a crazy busy Tuesday . . . . .

Market research (by Robert,OntarioCanada [ON]) Posted on: Sep 15, 2021 12:53 AM

The best option is to separate all the utilities where electricity and natural gas are the first ones to separate. With separate utilities rent will be a lot lower then other rental units. Energy costs in the future where in the Us a carbon tax maybe considered where if possible one utility at a time. If insulation is upgraded then the cost of heating and cooling goes down where HVAC system can be downsized as there is less heat loss and heat gain. Other then running a ad in the internet then can find the number of people interested.

Market research (by Robert J [CA]) Posted on: Sep 15, 2021 1:27 AM

Pricing a vacant unit takes some skills. If you over price a unit, not just money but your upgrade may be marginal, then your new tenant won't be happy and want to move to a better place at a lower price. But if you under price your renal, your tenant will be happy but you may be loosing out in the long run.

In one of my larger complex buildings I have 7 different upgrades. Some units have everything done to them while others have only a few. So when I show a unit I'm asked why is this apartment $2,400 a month and last month I was renting a unit that same size for $1,800. I say simple. This unit is an upstairs corner unit with a view. New kitchen w/appliances and bathrooms. Hardwood floors, central air conditioning and two parking sports. The other unit has a nicely painted older unit with refinished floors, old appliances, downstairs near the trash dumpster and garages -- and only 1 parking spot. You kind of pay for what you get/want!

Market research (by FloridaNative [FL]) Posted on: Sep 15, 2021 8:50 AM

I put a 2/2 condo on the market for rent Aug 27 for $1750 thinking that was above market because the last rental in the same condo community rented for $1600 in June 2021. It took about 4 days to screen tenants - multiple offers. Ended up going for $1850/mth with an excellent tenant (based on strict screening).

It's pretty hard to nail down the rental rates right now. I had done my research, It's a nice condo, no view, B community, manned gate type community, water and trash included because the condo fee includes those amenities. Also has pool and clubhouse. --104.0.xx.xx

Market research (by Oregon Woodsmoke [ID]) Posted on: Sep 15, 2021 11:07 AM

A duplex will normally bring slightly more than an apartment and less than a house. However, nice apartments with pools and all the luxuries are going to bring high rent.

You did your research, Bonanza, so you were probably spot on.

A bit off topic, but not too far off. One of my current tenants moved to me from a decent enough apartment. I was shocked by how much rent he was paying for the apartment.

He had picked that apartment because he thought the high rent would keep out the scum. Instead, after he moved in, he found that 1/2 the units were filled with Section 8.

In some areas, Section 8 pays higher than normal rent, so an apartment with extra high rent might be filled with welfare cases.

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