Finding Rental Information

[Samuel Mes]

How do I find out the stats (Im located in Texas) for what properties are being rented out in a certain area? I can see the "for rent" properties on a listing site like MLS but I can't see what's currently being rented. Im assuming Ill have to guesstimate the price point as Texas isn't obligated to list it. Thank you!

[Andrew Kennedy]

Quote from @Samuel Mes:

How do I find out the stats (Im located in Texas) for what properties are being rented out in a certain area? I can see the "for rent" properties on a listing site like MLS but I can't see what's currently being rented. Im assuming Ill have to guesstimate the price point as Texas isn't obligated to list it. Thank you!

There are two options. I start with the primary and then an alternative solution. 

Primary: call a property management company and tell them you’re considering purchasing a property that you’ve been contemplating but don’t know fair market rent and you looking into hiring a property management company for it. Provide them the details like “It’s a 3 bed/2 bath single family home, built in 2004, 1468sqft on a 4200 sqft lot. I was looking for a quote on fair market rent before I consider purchasing  it and outsourcing to a PM company. Can you provide that information?” The PM companies will be willing to present you with a quote if it’s a potential lead for them. You can always ask multiple PM companies and then average the number for what you would charge. 

alternatively, have your real estate agent pull comps for what has recently sold and their rent values. Just keep in mind that the further away from sale/rent date, the less reliable it is, especially if the market has changed significantly since. For example, if it comes to another fed rate hike, mortgage rates will increase and less people will be buying because they can’t get financed so the demand for renting will increase. 

in the words of Jordan Belfort (Leonardo DiCaprio, Wolf on Wall Street), “Pick up the phone and start dialing. Hope this helps, cheers.