What are your favorite rental pricing & trends report sources?

[Jim Gramata]

All investors know the projection of rents (income) is a critical piece to a property analysis and valuation. It is easier in occupied MU properties but how about vacant or an under rented unit or units (the more likely kind most smaller scale investors would encounter)?

How do you get your rental projections for properties you're considering purchasing? I have access to the MLS so clearly going to a broker is one solid route but few brokers know both the rental market and resale markets well in my experience (some do but not most).

I came across this site that offers great general insight into the US rental market in larger cities. 

https://livelovely.com/reports/q32014

It has value but not enough to get what I call Level 2 or Level 1 data - the information most like and in proximity to the subject. The above report is a Level 7 which shows general trends (here in Chicago for example the info is pretty accurate generally). 

I find it helpful to search general trend reports like these for comparing one neighborhoods general rents to another and then cross referencing this with their median sales prices. Obviously if you can get on average more rent in an area where properties are selling for less you will get better ROI.

This site is pretty good too

http://www.rentjungle.com/average-rent-in-chicago-...

For those interested in the Chicago rental market (we are in Cook County) here is a great Rental Market report done by DePaul U. Check out graph 3 and look at the bubble in the loop/downtown rentals created mostly by the fact lenders are only financing new rental high rise towers (not condos). The numbers have only worked with rental projections not condo pricing. 

https://www.evernote.com/l/ACum5C-oplxEWplRWEBEXy6fOuC0-AR8pME

So, aside from experience and a local broker who knows their stuff can you share any Level 1 or 2 resources, websites or methods you use to measure rental pricing and trends to prepare realistic proformas? 

Thanks in advance. 

[Bogdan Cirlig]

zilpy.com/US you can drill down into metros, states, counties and cities. It has break down by Bedroom and it's updated live monthly using 1MM+ rentals each month.

Also for reports, if you care to get an accurate SQFT based rent estimate and also differentiate between Apartments and SFH, vs just saying "3 bedroom rent", you can take a look at this one: zilpy.com/ri44pe3zn also provides vacancy, renter density, crime, etc.