What's the best way for a prospective investor/landlord to see actual current rental prices in any given?

Asked by Realestateinvestor, Nova, OH Wed Apr 23, 2008

area? I'm specifically interested in Manassas and Fairfax, VA but this question applies to any location. Thanks!

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6
Mike Rosen, Agent, Leesburg, VA
Thu May 8, 2008
I am an investor and realtor myself and I'm currently looking at properties in the nova area. I have used craigslist in the past but it just doesn't compare to being able to see a rental cma with data right from the MLS. You can call a broker or property manager to get there opinion, but that has never satisfied my thirst for real data in the past.

Running a listing report from the MLS allows me to see not only what's active but what has actually rented, when, and for how much. For me, when looking to plunk down a bunch of money on an investment, that's the only way to sleep well at night.

I'd be happy to run some reports for you - just let me know. No obligation of course.
1 vote
Matthew Trud…, Agent, Gray, ME
Thu Apr 24, 2008
You should not have to hire an agent to get this answer. Call a few brokers who are in that area and find out if they own investment property of their own. If they do, ask what the current rental rates are for the type of property you are looking at converting. If they don't, you can still ask, but you want to get your information from people who have their own investment properties. Some agents handle rentals, but their view can be quite different from someone who actually has investment properties and understands the time and hidden costs involved in owning investment properties.

Looking in the local newspapers or on craigslist is okay, but in some ways it is like trying to say your own house is worth what your neighbor is trying to sell his house for. It's not what people want to get for their house or rentals, it is what it sells for and what they just rented their property for last month.

Hope this helps. Visit my website athttp:// http://www.fivestarrealtymaine.com for more hints on investment properties.

Matt
0 votes
Joshua Stear…, , Arlington, TX
Thu Apr 24, 2008
You could also try the Northern Virginia Association of Realtors website. They have a report that provides aggregate rental statistics by county. This again will be just ballpark data since it is not broken down by number of bedrooms but it is real and it does reflect actual rents rather than asking rents. (Although I think that actual and asking are probably closer than even list and sold prices are, so asking would be a good proxy.)
0 votes
Matthew Trud…, Agent, Gray, ME
Thu Apr 24, 2008
You should not have to hire an agent to get this answer. Call a few brokers who are in that area and find out if they own investment property of their own. If they do, ask what the current rental rates are for the type of property you are looking at converting. If they don't, you can still ask, but you want to get your information from people who have their own investment properties. Some agents handle rentals, but their view can be quite different from someone who actually has investment properties and understands the time and hidden costs involved in owning investment properties.

Looking in the local newspapers or on craigslist is okay, but in some ways it is like trying to say your own house is worth what your neighbor is trying to sell his house for. It's not what people want to get for their house or rentals, it is what it sells for and what they just rented their property for last month.

Hope this helps. Visit my website at http://www.fivestarrealtymaine.com for more hints on investment properties.

Matt
0 votes
Cindy Jones, Agent, Alexandira, VA
Thu Apr 24, 2008
If you want to do your own research without hiring an agent then you can look through Craig's list, Military by Owner and check with local apartment complexes. You can see what similiar properties are listed for to give you an idea of what your property might list for. There are a number of other factors to consider in a decision to becoming a landlord which you should research before making the decision to buy a particular property or convert a current home ot a rental. Make sure you understand all of the tax and liability issues before you make the plunge.
Web Reference:  http://cindyjoneshomes.com
0 votes
Pat Mulligan,…, Agent, Chesapeake, VA
Thu Apr 24, 2008
Your Realtor can do a rental CMA through the MLS, though this only pulls data from those properties listed with a real estate agency. I would also call the city/counties to see if they have data, At the very least, they can tell you what Section 8 is allowing for rentals in the particular city/county.
0 votes
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