Rental comps - what to use

[George P.]

This question has came up a number of times, so I figured it wouldn't hurt to start an all-inclusive thread on the topic.

Here are the sources that I use to obtain the rental comps:
1. http://www.craigslist.org - click on "apt/housing" under "housing" and enter zip code in the search bar on the top. You can also specify the number of bedrooms. Most of the times I email as the potential tenant and inquire about amenities and other things not specified in the ad. You'll be amazed how unprofessional and slow most of the PM/LLs are.

2. http://www.longandfoster.com/ - search for RENTALS only. You will see all MLS-listed rentals in the area.

3. http://www.hotpads.com

4. Good old http://www.zillow.com can show you rentals in the area. On the side note, I posted my rental on zillow for $10 for 6-mo premium posting and had a good response

5. http://www.rentometer.com/ Although I am not a big fan, I use this tool, too. My issue with rentometer is that it reports what other people are paying. You gonna have to enter your address and rent in order to see what others are paying. The data is as good as it was entered. Proceed with caution.

Which tool is the most complete? None. I use a combination of all. L&F only lists MLS-listed rentals, hotpads picks up rentals posted on various sites. Craigslist is cool but not obsolete.

Perhaps there are more tools, so please feel free to post.

[Bienes Raices]

I thought that rentometer only report apartment rental rates--has it changed?

Personally, I just use craigslist and data I get from driving around the neighborhoods and calling the "for rent" signs. I always assume that the true market rent will be a bit lower than what other landlords are trying to get.