Rental property value estimator for Austin/RR/CP areas?

[Vivek Sapre]

Hi,

I am looking for source where I can get an idea of the property rental value in a zipcode based on the sqft  and neighborhood.

Eg: 2700sqft house in 78664 will give how much rent.?

or howmuch rent will I get in Anderson Mill/Lakeline Mall area?

I tried rentometer and it's not accurate for Austin, Cedar park or RR areas. 

what are you guys using to get an idea of rent.

Thanks for your help!

[Joe Scaparra]

Hold up!  Rental rates are not an exact science.  It can vary DAY to DAY and from property to property!!  I use rental comps as a ROUGH guide only!  I DECIDE what to charge, forget the comps!!!  Now I am not stupid about it.  There are toooooo many factors that decide the rent!  

First and foremost is the motivation of the owner/property manager and second is the motivation of the perspective tenant!!!!!! 

Let me approach this from the owner, since that is who I am!  Is my property paid off, YES!   Is my property better quality than surrounding or like properties......generally YES!  Where are we in the rental cycle, summer, winter, bad weather, good weather ect.  Did I just experience a bad renter and thus more determined to get a high quality renter.   Am I financially stressed and therefore need it rented right away.  Do I have 60, or 30 or no notice of tenant leaving!  All these factors can have a SIGNIFICANT impact on what you settle on rent.  

IN the Austin market, you ABSOLUTELY can get a BIG PREMIUM on a high quality property vs average.  Not so much in Bryan TX.  I have many properties in each market.  

Bottom line for me is that I generally am lagging market rents, especially in Austin and here is WhY.  My tenants don't leave, I am not stressed for cash and I have or keep upgrading my properties.  Therefore, I have very low turnover and my goals have changed from maximizing $$$ to a blend of good $$$ and ease of management!!  So if I have good tenants I don't raise rents for at least two years and when I do I increase very modestly on existing tenants.  I started out over 15 years ago, initially scared of losing a tenant and now I welcome anyone who wants to leave as I know I will get more rent when they leave.  For some reason I hate raising rents on existing tenants but have no problem on a new tenant.  Case in point.  Had a 3 plus year tenant in Round Rock leave on a three bedroom 2 bath duplex unit.  She was paying 1200 month.  I am now renting for 1500 a month and had over 50 applications.  I still rented too low but got great tenants, I think, and life is good.  Renting is an Art not a science.    We haven't even discussed the motivations of a tenant looking for a place.  Cheers!