How do you find the rental statistics of an area, as I am entertaining purchasing some investment property?

Asked by Temecula Mark, Temecula, CA Sun Apr 26, 2009

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5
Jane Grant, Agent, Aguanga, CA
Sun Apr 26, 2009
Hi, If you are speaking about what to charge for rent? Go to: http://www.rentometer.com/ca and plug in the required information to see what the statistics are for rental rates charged.

As a local Real Estate Broker, I can tell you that there is a huge demand for rental properties here at this time. This is due to home-owners who have lost their homes. As a real estate investor myself, I rent out one of my properties to a great couple who had great credit until they lost their home. They were upfront with me and told me everything I would find on their credit report.

After doing a through screening, including making sure they had a stable job with enough income, I decided to rent to them and they have turned out to be model tenants. So don't be afraid to rent to someone just because they lost their home.

If after going through their application, income and credit report if everything else looks good they will probably work out fine.
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1 vote
Richard Alan…, , Riverside County, CA
Sat Jul 10, 2010
Simple answer is to buy a local paper. Secondly, knock on any apartment house complex door and ask to speak to the manager and they will tell you all you need to know. There are many other sources, but that kinda nails it.........works for me everytime.
Best to you
0 votes
kathryn dav…, Agent, Corona, CA
Tue Dec 15, 2009
Now is a great time for you to get rental properties and there is a huge demand. You want to make sure your agent understand that you are looking for a "cash flow" property and what your ROI average that you have anticipated. A good realtor who knows the market area can tell you an average rent amount for comparable properties. :) I have worked with flipper investors and buy and hold investors who buy rentals and can help you out if you need it.
0 votes
Darren Smith, , Menifee, CA
Tue Dec 15, 2009
There are good statistics in the local MLS. When working with investors we usually factor in the lower market rents in order to determine cap rate. I have seen investors hold out for higher rents only to lose 30 -60 days which all but erased any gain from higher rent. If you want to do your own research try http://www.apartmenthunterz.com/california/riverside/temecul…
otherwise the agent you choose to represent you should be able to give you up to date statistics.
Darren Smith
0 votes
Catherine Ba…, Agent, Carlsbad, CA
Sun Apr 26, 2009
Hi Mark,

I find the best way to look at what homes are renting for is Craigslist. I usually look in an area I am thinking of buying and do some research. I usually like to call on the ads and see if the prices they are listed are true. This will give you a ball park. Another way is drive around area to see if there are an rental signs in the area. Sometimes certain rental companies can give you an idea as well. Your best bet is to try and be a renter and see what it would cost you to rent.

I hope this helps....Good Luck!

Catherine Barden
0 votes
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