Bit over a year ago I wrote an article documenting the Rental Comp Data for November 2011 for our rental properties. In that article I checked the rental rates via Rentometer.com and documented them for Nov. 2011. I wanted to keep a record of previous rates so I could see if rates were going up or down. Its a bit over a year later so I figured it was time to pull the numbers again.
Here is the current data for our rental properties as of January 2013:
Comparing the current median numbers to the previous Nov. 2011 numbers we have :
For some reason when I did the comps for Nov. 2011 I listed property 'A' as a 3 bedroom but its actually a 2 bedroom. I don't know if the rent figures for A in Nov. 11 were for a 2 bed or a 3 bed, it could be either. So comparing the numbers from 11/11 to 1/13 on property A are not apples to apples.
Previously Rentometer would have up to 1000 properties in a 1-3 mile radius in its comparables. Now it seems they've switched to having 20-50 properties within a smaller 0.5-1 mile radius. This may be more accurate even with a smaller sample. The rents for 5 houses in my own neighborhood are more meaningful comps then the rents for 50 houses 2 miles away.
Here's some general background info on rents : I wrote about how to set your rent in the past. You should get data from a variety of sources. HUD Fair Market Rents, Rentometer.com and Craigslist are all valuable sources of rent rate information. I also pointed out in a previous article how I think that spending the extra time to research rent rates is important. I'm just tracking Rentometer numbers here for my reference but I wouldn't stop there when doing your own research.