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Rookie Reply: How Do I Find Rental Comps for My Property?
Description
This week’s question comes from Daniel, who reached out directly to Ashley through her Instagram (@wealthfromrentals). Aside from giving Ashley some more movie quotes to use, Daniel is also asking: How do I gather local rent numbers for my rental property?
Landlords can struggle when trying to price a rental appropriately, that’s why rental comparable (comps) research can be so important when looking into a new area or when shopping for properties. Both Ashley and Tony use rental comps daily, so they can calculate the right rent price in their sleep!
Here are some suggestions:
Look at comparable homes in your area and see what they’re renting for on top rental sites
Focus on a zip code and property type, as these will be two important factors when comparing rents
Use the BiggerPockets Rent Estimator to automatically find a comparable rent price
Call a local property manager and ask them what your property would rent for
Start an excel spreadsheet where you can easily track days-on-market and price for rentals
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Rookie Facebook Group
Real Estate Rookie Youtube Channel
BiggerPockets Rental Estimator
Check the full show notes here: https://www.biggerpockets.com/rookie138
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