There are many ways to find the rent comps. For example, going to your local MLS is a good source of what things are renting for in your area. There are also websites that have this data that you can pay for such as Rentometer and Rentrange. Today, I will talk about Rentometer and how you can quick and easily find rental comps.
Rentometer is a great place for renters and real estate professionals who want to understand what rent prices are in their market. I use it often to understand what is going on with rent prices and it helps me make sound decisions about how much cash flow I will get from a rental or note I am buying. It is very easy to use. Just type in an address and the number of bedrooms and get the average and median rents in that area. Better yet, as you can see from the images below, you get each individual property address that is used in the calculation so you see if it is similar type of house, etc.
Yes, you could go to a property management company or your local agent with access to the MLS but this is time consuming. Rental price data is essential to making informed real estate decisions quickly and with confidence. Rentometer is a good first pass to see if the property even makes sense to pursue if your main exit strategy is to lease or lease to own.
Over the last 15 years, Rentometer has methodically built a sophisticated rental data system – including rental data collections, surveys, data staging, and data analysis. They collect and analyze approximately 10 million rental records per year by deploying a mix of automated rental data collection systems and specially trained rent researchers.
You can get a report (see images below) in a pdf format to show prospective tenants or turnkey rental buyers.
