One of the most frequently asked questions we hear from landlords is: How much should I charge to rent out my home? If you are a landlord of a residential rental property or are thinking of purchasing one, we offer a rental comps and rent analysis called a U.S. Rental Value Report to give you the information you need to make an informed decision. Learn how much other landlords are charging to rent comparable properties in your local.
U.S. Rental Value Report
Unlike our home value report which estimates the market value of a property when buying or selling, our rental value report is comprised of a comparative rental analysis that looks at five rental comps to determine how much a landlord may be able to charge a tenant each month to rent their property.
What are Rental Comps?
Rental Comps is short for “Rental Comparables,” which are properties that are considered to be similar to the subject property they are being compared against. There are generally five characteristics (or features) that we use to determine if a property qualifies as a rental comp.
Five Comparable Characteristics
- Location: A comparable property are considered within the same neighborhood or community, preferably no more than one mile away. Rural areas are extended to two miles, sometime more.
- Type: A condominium will be compared against other condos, not single family homes.
- Size: The living area square footage doesn’t need to match, but should be similar.
- Bedrooms: Ideally, the number of bedrooms are matched.
- Amenities: If there’s enough rental inventory, features like swimming pools are matched.
What is a Rent Analysis?
Regardless of the type of rental property that is the subject of our rental value report, we always provide local data on how the area apartment communities are pricing their units. This is to show a baseline for rental housing in general. Then we analyze the published rent amount for each of the five rental comps and carefully weigh their five comparable characteristics. This analysis is what leads us to estimate the monthly rent amount for the subject rental property.
Valuations by People, Not Software
As with our home value report, each rental value report is manually processed by an experienced individual, not a computer algorithm or software program that’s prone to rely on inferior and inaccurate data. Far too many popular real estate sites have properties reporting the wrong characteristics, so we check the data of each rental comp to ensure it’s accurate.
Find Out Your Monthly Rent Value
Order your rental value report today and receive it within 24 hours, 7 days a week. Results are delivered by email as a PDF attachment.
Tenant Screening Services
We’ve been offering landlords credit reports, eviction records and criminal background checks for over 20 years. Learn more about our tenant screening services.