Determining Rental Rates for properties

[Joe Soto]

Hello! 

I'm new to the rental properties business and was curious to learn what resources ya'll use to create comparisons for appropriate rental rates for new properties you purchase in a specific area? 

For instance, if I were to buy a building that had 6 units in Kansas City, MO (zip code 64155), what online website or tool might you use to generate comps to determine how to competitively price the rental properties? 

If you pay a subscription to get insider info, how much is that subscription and how often do you have to pay? (annual/quarterly/monthly?) 

[Jared Viernes]

Joe Soto
There are a few ways you can look into it without paying someone else.

1) check HUD for the Fair Market Rent of the county which provides section 8 pay (https://www.huduser.gov/portal/datasets/fmr/fmr_il_history/select_Geography.odn)

2) Ask local investors that buy and hold in the area.

3) call property management in the area and ask.

4) call around the area as a prospective renter and ask cost.