Houses For Rent
Can anyone tell me where one could find a resource to find out what single family homes are renting for in a given area? The lender of the home I'm buying wants a rental analysis of the home I will be renting out to see if this is what the prevailing rents are going for in the area.
DaShow,
Check on the HUD website.
I'd link the specific page, but the forum here doesn't seem to allow it.
Just goto the main hud website,and check out the site map.
Fair Market rents is linked there, giving you rent amounts for around the country.
I'd use this is a guide only.
After reviewing this info, check out your local market.
Here is why?
I checked the hud numbers for my area, and they claim a 3/2 will rent for $750 on average.
I have several 'average sized 3/2 sfh's' that rent for more than that......a lot more in some cases.
FMR is actually what someone is willing to pay, remember that.
Check out the local paper as well, look up rentals and see where they are in relation to whatever you are trying to price out.
In addition, a local RE agent or broker would be able to give you this info, and/or your local housing authority.
Just a few ideas.
HTH,
Jim FL
[addsig]
Thanks Jim!
The appraiser that is appraising your home purchase can also give you a rental analysis. I just had to do one for my lender and it cost me $125.00. I am sure you could do it yourself cheaper, not sure if the lender wants something from a professional or what. Also, check with realtors. Good Luck!
The ForRent websites are good, but be sure to cross check them with local newspaper ads. I noticed that the websites tend to have a higher rental rate then newspaper ads. Could be a good thing since you can see what the market will bear, but by contrasting with the less expensive advertising media you can see what other people are offering on the low end. That way, if you want to move your property faster, you can just set your price for the average...Just a thought....
Michael