- Stay up-to-date on local economic and business activity in your market. Economic activity is one of the key drivers of housing demand, including rental housing.
- Work with local real estate professionals – property managers, brokers, agents, appraisers and lenders. Local experts can identify the drivers of housing supply and demand that are unique to your market such as jobs, local ordinances and zoning. It’s amazing how much information you can gather from a quick chat with a local real estate broker.
- Check local apartment listings using the local newspaper, apartment guides, and websites like Craig’s List or Rentometer. Try to orient yourself by finding a property location that you’re familiar with and use that as a starting point to compare other local properties.
- Don’t forget to use “rent per square foot” whenever possible as a benchmark. This allows you to encapsulate into a single number all the subjective variables of rent and provides a basis for comparison across different units, locations and amenities.
- Check your local apartment/rental housing association or real estate investment club for research and other information they may provide about local rent levels – past, present and future.
The folks at Rentometer know a lot about rent - how much to charge for it, how to collect it, etc. Questions? Email them at firstname.lastname@example.org for more information.