how do you find the average rent prices in an area.

General Real Estate Investing
1

Where does one look to find the rents for an area?

Thanks

Jay

2

The newspaper

Mike

3

Another case of me overthinking a solution. Thanks Mike.

4

If you have Craigslist in your area, I like that as a source, because you get to see photos and usually get a location.

You can find 2 bedroom houses in my local paper for $500- $1600. That doesn’t tell you much about the price for your own 2 bedroom until you know that the $500 is an old mobile home and the $1600 is a McMansion.

If you have to use the newspaper, call the ad. Tell them that you are another landlord in the area, and ask if it is OK if you do a drive by to see what sort of building they are offering.

I have always gotten a good reception when I did that, and we will have a little chat about the local market. It’s nice to hear what other landlords are experienceing in the local market.

Usually, the large property managers will have a website, and you can see the prices and a picture of the house and often things like square footage. Check and see if your local paper is on-line. If they are on-line, the property managers might have their web address in their ad that is click-able.

5

Tatertot,

This is right on!!! I spent some time browsing the rental listings, and looking at the pictures tells you a lot.

I saw some homes that were rehabed with granite tops, in the kitchens, rows of cabinets, molding, and knobs. Asking $1100 for the rent when I know the house had to cost them 400k.

I also so some ok homes that were clean, sparse cabinets, no molding or knobs, going for $850. House was worth somewhere 30k and 140k. I wonder who is making the money? :slight_smile:

Thanks again

6

Once you have established a working relationship with an Appraiser they will have the rent rolls… They might charge a little but the info may be worth the expense… Give them enough business and they probably give the info away…

But I agree the newspaper is a great source along with rental management companies…

7

Well, you can start with the newspaper. In my geographical area, we have the Northwest Georgia Trader, a weekly publication where people can place ads for free for all kinds of stuff including real estate sales and rentals, and you can buy them for $1 at most gas stations. If your geographical area has a similar publication, it’s a good place to look. It’s also entertaining to see what people are selling in the “miscellaneous” section.