Inconsistent rent data in Biddeford

Portland, Maine
House Hacking
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Inconsistent rent data in Biddeford

Dan Keefe
Member since 2021 · 23 posts · 15 votes

Hello everyone,

I'm a traveling physical therapist but grew up in Maine and am looking to purchase multi families in Biddeford using an FHA and subsequently to house hack in.

My question to the Southern Maine community is in regards to the rent data in Biddeford and Saco. I know there is a huge shortage of housing and that has driven up price in the past couple years (along with other factors such as the pandemic, population growth, etc) so, I see listings for 2br-1bth for up to 2200 on places like Zillow, Redfin, etc.   and these places are not luxury apartments but more older half of duplexes. But then i look at general rental data from  rentometer or rent cafe and I generally see averages around 1600. 

Was wondering if any PM or investors can shed some light on what they see as realistic rents in the Biddeford/Saco area, and maybe why there is such a gap in the data. 


thank you!

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Tanner PileBusiness Member
Real Estate Broker · Colorado Springs, CO · Member since 2019 · 388 posts · 326 votes
3y

@Dan Keefe

Did you pull data from BP on rents too?

I typically look at Zillow, centimeter and BP to get a full understanding of what rents are in the area to get the best estimate of what a property would rent for. 

I always check active rentals to see what the competition is currently looking like for if a rental were to go live that month too. This is what active renters look at too which is why I believe it tells a better story of what rents are currently at compared to other sources. 

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  • Dan WeberBusiness Member
    Realtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
    3y

    Hey Dan, shoot me a DM, I'd be happy to jump on a call and shed some light on the rent data. It's tough, the rents have gone up so quickly over the last few years that rentometer has had a tough time keeping up. Frankly, many landlords have also had a tough time keeping track of what market rents are. This is common throughout Southern ME, not just Biddo/Saco.

    1Reply
  • Tanner PileBusiness Member
    Real Estate Broker · Colorado Springs, CO · Member since 2019 · 388 posts · 326 votes
    3y

    @Dan Keefe

    Did you pull data from BP on rents too?

    I typically look at Zillow, centimeter and BP to get a full understanding of what rents are in the area to get the best estimate of what a property would rent for. 

    I always check active rentals to see what the competition is currently looking like for if a rental were to go live that month too. This is what active renters look at too which is why I believe it tells a better story of what rents are currently at compared to other sources. 

    Tanner Pile4.931 Reviews
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    1Reply
  • Dan Keefe
    OP
    Member since 2021 · 23 posts · 15 votes
    3y
    Quote from @Dan Weber:

    Hey Dan, shoot me a DM, I'd be happy to jump on a call and shed some light on the rent data. It's tough, the rents have gone up so quickly over the last few years that rentometer has had a tough time keeping up. Frankly, many landlords have also had a tough time keeping track of what market rents are. This is common throughout Southern ME, not just Biddo/Saco.

    Will do Dan, thank you!
    0Reply
  • Dan Keefe
    OP
    Member since 2021 · 23 posts · 15 votes
    3y
    Quote from @Tanner Pile:

    @Dan Keefe

    Did you pull data from BP on rents too?

    I typically look at Zillow, centimeter and BP to get a full understanding of what rents are in the area to get the best estimate of what a property would rent for. 

    I always check active rentals to see what the competition is currently looking like for if a rental were to go live that month too. This is what active renters look at too which is why I believe it tells a better story of what rents are currently at compared to other sources. 

    Hey Tanner,

    thanks for the response. Yea the thing that was confusing was that the listed rentals on Zillow or Redfin had pretty big discrepancies in price while they appeared to me to be of similar quality. 

    I did not use BP but I think that’s a good idea going forward. Thank you!

    -Dan 
    0Reply
  • Ryan ThomsonBusiness Member
    Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    @Dan Keefe I usually use zillow, rentomete, and BP in order to get a ballpark for rents.

    The Assumable Guy544 Reviews
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    0Reply
  • Ryan ThomsonBusiness Member
    Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    @Dan Keefe I would also find a good house hacking realtor in the area. They should be able to help a ton. Leverage them.

    The Assumable Guy544 Reviews
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    0Reply
  • Tyler Bushey
    Investor · Biddeford, ME · Member since 2017 · 282 posts · 180 votes
    3y
    Quote from @Dan Keefe:

    Hello everyone,

    I'm a traveling physical therapist but grew up in Maine and am looking to purchase multi families in Biddeford using an FHA and subsequently to house hack in.

    My question to the Southern Maine community is in regards to the rent data in Biddeford and Saco. I know there is a huge shortage of housing and that has driven up price in the past couple years (along with other factors such as the pandemic, population growth, etc) so, I see listings for 2br-1bth for up to 2200 on places like Zillow, Redfin, etc.   and these places are not luxury apartments but more older half of duplexes. But then i look at general rental data from  rentometer or rent cafe and I generally see averages around 1600. 

    Was wondering if any PM or investors can shed some light on what they see as realistic rents in the Biddeford/Saco area, and maybe why there is such a gap in the data. 


    thank you!


     Hey man, welcome to the area! I own a bunch of properties in Biddeford, feel free to reach out with any questions!

    1Reply
  • Dan Keefe
    OP
    Member since 2021 · 23 posts · 15 votes
    3y
    Quote from @Tyler Bushey:
    Quote from @Dan Keefe:

    Hello everyone,

    I'm a traveling physical therapist but grew up in Maine and am looking to purchase multi families in Biddeford using an FHA and subsequently to house hack in.

    My question to the Southern Maine community is in regards to the rent data in Biddeford and Saco. I know there is a huge shortage of housing and that has driven up price in the past couple years (along with other factors such as the pandemic, population growth, etc) so, I see listings for 2br-1bth for up to 2200 on places like Zillow, Redfin, etc.   and these places are not luxury apartments but more older half of duplexes. But then i look at general rental data from  rentometer or rent cafe and I generally see averages around 1600. 

    Was wondering if any PM or investors can shed some light on what they see as realistic rents in the Biddeford/Saco area, and maybe why there is such a gap in the data. 


    thank you!


     Hey man, welcome to the area! I own a bunch of properties in Biddeford, feel free to reach out with any questions!

    Thanks Tyler! Will do my friend!
    0Reply
  • Travis Hatch
    Investor · Denver, CO · Member since 2019 · 41 posts · 17 votes
    1y

    @Tyler Bushey Hey Tyler! My wife and I are moving to the area as well and looking at our next investment. I just sent you a message on here, i'd love to connect!

    0Reply
  • Dan Adams
    Flipper/Rehabber · ME · Member since 2023 · 23 posts · 7 votes
    1y

    It's pretty simple.  The vibe of Biddeford has gone from burning garbage in a decimated downtown, to boutique hotel and trendy restaurants in very few years.
    The apartments in town were built for mill workers a long time ago.  There is not space for new buildings.  The quaility of old existing units, and the ability of the long term population to pay new rents, blended with an influx of small high end mill conversion units is simply not balanced.

    0Reply
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