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What are some tools that people use to figure out what comparable homes/units are charging tenants for rent in an area you're interested in investing in?
#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
Hey @Kevin Poulin, I pull all the basically similar places on AirBNB and VRBO.
Check their nightly rates, occupancy and amenities. That will give you a good baseline to start from.
You can also use AirDNA by buying the specific area to drill down farther.
Try https://www.awning.com/airbnb-estimator as well. It pulls the same data as AirDNA does but it is free. They have added that you need to create an account, but it works pretty well.
What you want to do is figure out exactly what you want and where, then start comparing.
#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
Quote from @Michael Baum:
Hey @Kevin Poulin, I pull all the basically similar places on AirBNB and VRBO.
Check their nightly rates, occupancy and amenities. That will give you a good baseline to start from.
You can also use AirDNA by buying the specific area to drill down farther.
Try https://www.awning.com/airbnb-estimator as well. It pulls the same data as AirDNA does but it is free. They have added that you need to create an account, but it works pretty well.
What you want to do is figure out exactly what you want and where, then start comparing.
This is the best way!
Thank you Michael and John, much appreciated!
#2 Short-Term & Vacation Rental Discussions Contributor
- Tampa, FL
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#2 Short-Term & Vacation Rental Discussions Contributor
- Tampa, FL
+1 for @Michael Baum. My preference is use AirDNA (premium) which include links to comps then double check their calendar/pricing. Good luck!
Airdna is the best and if you really want to get accurate projections the subscription is worth it! Be careful with free sites, they only have a couple months of actual data and then project the rest with an algorithm tool. Airdna has years' worth of actual data, so there's a reason it's costs a bit.
Enemy Method!!
Best part - it's free!!
Hop on VRBO and Airbnb and check out other homes in the area that are similar to yours and see what they are doing and what you can learn from your neighbors.
Thank you all! All super helpful suggestions :). Much appreciated.
Quote from @Andrew Steffens:
+1 for @Michael Baum. My preference is use AirDNA (premium) which include links to comps then double check their calendar/pricing. Good luck!
Rabbu is also solid, but the standard for lenders is AirDNA. I would use the lower of the two for your projections, but they pretty much both pull from Airbnb and VRBO
rentometer is pretty good
Quote from @Kevin Poulin:
What are some tools that people use to figure out what comparable homes/units are charging tenants for rent in an area you're interested in investing in?
Any website similar to Zillow that has rental listings. Check what similar units are listed for and gather your own data. Rentometer is a pretty reliable tool as well.