Configuring Average Rent

[Nick Cassidy]

Hello all,

I am about 16 months out from putting my first offer in on a multi-family. I plan to do an owner occupant loan, and I want to know if you all know of any good average rent calculators that base the rent off geographic location, apartment size, number of rooms etc. Although I know that this is not the only way to figure it out, I want to use another tool of sorts to compare to my market analysis of apartments near by that are similar and compare them. This is pretty much just for adding more research to back myself up so I am sure I can market the apartment at the best rent in the area.

I have found a few free ones but after a little bit of use they require a subscription, which I do not mind paying. However, I just want to know which if any that you guys think are best.

Thanks!

[Michael Seeker]

Hey @Nick Cassidy - I like to use Rentometer for a quick check.  Typically when I want a really good idea of comparable rents I will go out and look at the major posting websites to see what similar properties are listed for.  My go-to for that is PadMapper as it compiles listings from various sources, however I also check out individual sites (CL, Apartments.com, Zillow, etc) for more information.  There is a ton of information out there, you just have to look for it and make sense of it!