Call a property management company in your area(phone book) and ask them how much they usually rent out a unit like yours for. They will answer the question because they think you are a prospective client. Then just tell them you will think about it.
flip through your local newspapers. You'll get a very good idea of how your rental stacks up against others (as far as amenities like parking, # beds, # baths laundry facilities, etc.) and how much you can reasonably expect to rent it for.
If you are buying a rental property with tenents then find out what the current rents are. You should ask the existing homeowner but take what they say with a grain of salt. They will want to inflate the numbers if possible.
You could also casually walk the neighborhood,and catch someone outside gardening,cleaning etc.Strike up a good convo,and get information that way. Say your thinking of buying/renting a home in the area and would like to get to know it a bit 1st.
I've found that people like that can be extremely helpful. Hope this helps.
I've found the best way to price a rental is to go on a couple of apartment showings and get a feel for the neighborhood. I never invest in an area I don't have a good feel for( regarding prices) Scan the local papers and see what the range is.
Visit apartments that have a similar foot print (bdrms, sq. ft., etc.) to the one you plan on renting. It's always an ideal barometer.
For even more research, you can try listing your place free of charge on Craig's List, ****Must Reach Freshman Investor status before posting URL's***
That way you can see who's interested in that apartment for that price before you buy. Craig's list is a great resource for experimenting with rental prices and getting a feel for what renters are willing to pay.
In addition, you can run an ad in the local paper, again to see if anyone will rent your place at the price you're looking for before you commit to buying.
Sure it'll cost you twenty bucks to run a week-long ad, but it's worth it.
Call a property management company in your area(phone book) and ask them how much they usually rent out a unit like yours for. They will answer the question because they think you are a prospective client. Then just tell them you will think about it.
flip through your local newspapers. You'll get a very good idea of how your rental stacks up against others (as far as amenities like parking, # beds, # baths laundry facilities, etc.) and how much you can reasonably expect to rent it for.
If you are buying a rental property with tenents then find out what the current rents are. You should ask the existing homeowner but take what they say with a grain of salt. They will want to inflate the numbers if possible.
thanks guys, both are good ideas
You could also casually walk the neighborhood,and catch someone outside gardening,cleaning etc.Strike up a good convo,and get information that way. Say your thinking of buying/renting a home in the area and would like to get to know it a bit 1st.
I've found that people like that can be extremely helpful. Hope this helps.
thanks alexis, another good idea
You may want to try a Yahoo or Google search, too.
I've found the best way to price a rental is to go on a couple of apartment showings and get a feel for the neighborhood. I never invest in an area I don't have a good feel for( regarding prices) Scan the local papers and see what the range is.
Maw is exactly right.
Visit apartments that have a similar foot print (bdrms, sq. ft., etc.) to the one you plan on renting. It's always an ideal barometer.
For even more research, you can try listing your place free of charge on Craig's List, ****Must Reach Freshman Investor status before posting URL's***
That way you can see who's interested in that apartment for that price before you buy. Craig's list is a great resource for experimenting with rental prices and getting a feel for what renters are willing to pay.
In addition, you can run an ad in the local paper, again to see if anyone will rent your place at the price you're looking for before you commit to buying.
Sure it'll cost you twenty bucks to run a week-long ad, but it's worth it.
Quote:
On 2004-01-18 21:00, norrist wrote:
You may want to try a Yahoo or Google search, too.
what do you mean ?
Go to www.google.com and search for something such as:
"apartment rent rates in Baltimore", for instance. Google, yahoo, Lycos, etc... are search engines.
It is actually a house, and I haven't found anything yet on google. still looking though thanks
Look in the local papers. Call up property management companies.
Jeffrey Adam
[addsig]
Rental properties rates are also listed in the MLS. I usually have my RE agent pull one before I consider purchasing a property.
-Chris
[addsig]
Katrina,
Try this link:
http://www.mywebsearch.com/jsp/GGmain.jsp?st=bar&ptnrS=ZCxdm164&searchfor=baltimore+rental+rates+
Hope it helps. Tim