How to determine what a property will rent for?

Question

Michael Fortier · Answer

You could use paddmapper.com , apartments.com or HotPads.com to compare rents in the area

James Triano · Answer

@Zack Ellard

Something I've done is to go on Craigslist and look for properties currently for rent.  Create a database of those listing on Craigslist with all relevant info (price, bedrooms, bathrooms, style, etc.) and be sure to note the contact information for the landlord.  Then, monitor those listings over time and see if they are still listed or if the listings are pulled.  If they're pulled, call the person who listed it and ask if it's still available.  If not, you know they've rented it.  You can then start to build a list of those that are rented and what their listing price was.  That should allow you to arrive at a reasonable rent price.

Of course, this only works if Craigslist is a primary source of listings in your area as it is in mine.

I originally read this somewhere and wish I could give credit to that person but I can't remember where I got it from. Hope this helps.

Kurt G. · Answer

I'm looking for the same answers, so subscribing to thread...

The property I am currently rehabbing shows rent should be $750 - $800 per month according to Rentometer, but a seasoned landlord with similar properties in the area said he would list it for as much as $950.

That's a huge spread and I am very unsure of what I will ask when the time comes, especially as a first timer.

Account Closed · Answer

I've noticed rentometers numbers are usually a little bit lower than units that are being advertised on CL and postlets.  Which one would be a more accurate indicator of what you can rent your unit out for?

Billy Smith · Answer

I own  rentals. I go in my neighbor hood call for rent sign ask what the rent is make sure it is close to the same set up ,I also talk to other land lords when possible

Benjamin Timmins · Answer

I wouldn't list high and then constantly drop price, or at least don't drop the rent in fast increments. Just my thoughts.

Billy Smith · Answer

I agree with Kyle , I go the  neighbor hood call for rent signs ask what the rent is, make sure it is close to the same house  set up ,I also talk to other land lords when possible

How to determine what a property will rent for?

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