Good point. As a realtor, I have access to the MLS -as does your realtor- and I look at last 6 months closed rentals in a relevant radius: half a mile, one mile. Then checking property age, amenities and even pictures gives me a good idea of how comparable the closed deals are to the subject.
Gives you a good understanding of the micro market around the subject property. Days on market will also tell you whether it's a landlord's market or a tenant market. Rent per sq.ft. is a ballpark estimate as it will vary depending on the size of the comp and its amenities/state of repair but still gives you an idea. I'm looking at a market where rent per sq.ft is $.50 to $1.40/month, but the 50 cents and $1.40 are really outliers, so $.90 to $1.00 is a good benchmark.
