When reviewing a rental property, it is very important to know what comparable properties are currently renting for in your area. If you’re charging too much, you’re likely to be sitting with vacant units. If you’re selling yourself short, you’re leaving profits on the table.
Best ways to estimate potential rent of a property:
- Ask a real estate agent that has experience in the area, he should have an idea on how much the property could rent for (but always double check yourself)
- Contact local property management companies
- Ask members of your local landlord association or real estate club
- Look at rents online for other similar properties in your area as if you were a prospective tenant (Zillow, Trulia, Redfin, Craiglist, etc.)
You can also use the following rent comparison tools:
Article on the subject:
- How to set the perfect rent price for your rental properties by Landlordology
