https://www.corevestfinance.com/calculating-fair-market-rental-value/
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Automated Web-Based Tools(Zillow.com, Trulia.com, RentBits.com)
Popular rental websites like Zillow, Trulia, RentBits, and others will provide real asking rents of local properties. Information ranging from physical size to availability to pets to historical rental data at the property—as well as typically a breadth of photographs can all be gathered from these useful resources, and thus applied in your own rental rate derivation.
Other than reports generated by RentRange.com, these platforms provide an automatic market rent determination for landlords—and is available at any time, on a moment’s notice—and can be accessed free of charge.
2. Traditional Media Outlets(Local newspapers, local advertisements, word of mouth, Craigslist)
Don’t let the breadth of options available on the web prevent you from exploring some of the other price-comparison options that are readily available to landlords. Other, more traditional rental ads are commonly displayed in newspapers and other forms of media—which account for potentially more current and up-to-date listings as well as explore a group of landlords or other constituents who are unfamiliar with or otherwise choose to forego using the web to advertise their products.
In any case, following up with these traditional media outlets will typically involve a phone call to discuss rental rates and availability. Although given the circumstances, you likely won’t find yourself renting a home or unit from the individual—not only will you get an idea of pricing, but you will have an opportunity to speak with a peer who will only contribute to your network and offer you a contact for potential questions or ideas in the future.
3. Professional Networks(Local Landlord Associations, Renter Associations, real estate clubs)
If you’re new to the realm of real estate—or more specifically—new to residential rental property ownership or management (or in many cases—both), it is important that you recognize the broad range of professional networking resources that are readily available to you. Local, or regional landlord and renter’s associations, real estate clubs—some residentially focused—exist and are eager for new members.
These professional organizations offer an opportunity for networking with local peers—but perhaps just as importantly, they provide access to local industry leaders as well as databases of market data and other rental pricing information. This information along with the other resources mentioned can significantly assist in not only setting rental rates—but adjusting them over time—and could even perhaps lead to expanding your residential rental portfolio altogether.
