What is the best way y'all find rents?

Question

Hi guys!

I purchase homes around the indy area and I'm wondering how you guys find rents. Do you look on zillow? Pay for something like rentometer? Just want to make sure I'm staying consistent but also have the best bang for my buck if I purchase anything.

Thank you!

Monique

Kai Kopsch · Answer

I use Zillow rent-manager & MLS comps past 180 days for the best acuracy look at the inside pictures of the Comps to make sure you have a comp that is Like-kind. For example, you can have in the same neighborhood the same units but one is upgraded new bath, new kitchen SS appliances. For Zillow, both units look the same but the newly renovated one gets easy 30% more rent.

Matt Anderson · Answer

@Monique Pett

In the market where I have my out of state rental (former house hack), Craigslist is popular for people listing rentals, so I check listings there and on Zillow. If I go check-in every 1-2 weeks, I can get a sense of how long it’s taking to fill vacancies. I cross check that against what my realtor and other local folks I have relationships with tell me about where the neighborhood is trending, as well as rent-o-meter and searching for high-level rental data/trends. This all gives me a pretty good idea of what I can get.

Monique Pett · Answer

@Justin Hoggatt WOAH.

Didn't think they had a rental manager! Thank you! Morrison, not too far from me :)

Monique Pett · Answer

@Patrick M. that is so interesting... THANK YOU!

Monique Pett · Answer

So do you pay then for it? @bud

Patrick M. · Answer

I check in to Zillow at least twice a week. No one can do a better job objectively analyzing the similarities and differences in your units and the market as a whole- as you can.

Rent-o-meter is living 18-24 months in the past in my market... in this "balls to the wall market" that is a HUGE discrepancy.

Justin Hoggatt · Answer

@Monique Pett, there is a bit of an art to this for us.  We take a look at the Zillow Rental Manager, Rentometer, and then depending on how curious we are, we then could take a couple other steps.  We can place the property for rent to see what kind of calls you get and interest on it, or simply do research by the typical means to find a rental and see what is renting for in the area and what is on the market.

Bud Gaffney · Answer

Hi Monique, Rentometer is a great tool!