August 11, 2015

Rental Comp Data for August 2015


I last did rental comps in May 2015.

It seems rents haven't changed much at all for our properties in the past 3 months.
Unless rentometer is broken or something.


A B C D E
3bed 3bed 1bed 1bed 3bed
house house apt apt house
10% $766 $731 $374 $403 $1,014
20% $865 $812 $411 $444 $1,099
median $1,000 $975 $490 $540 $1,225
80% $1,245 $1,117 $555 $600 $1,424
90% $1,345 $1,197 $592 $641 $1,509
 # prop                34               35               34               35               35
 dist              0.5             1.1             0.9             1.8             0.4

And the changes over time:

A B C D E
Nov-11 $895 $875 $495 $495 $1,095
Jan-13 $900 $995 $510 $460
Aug-13 $905 $925 $500 $480 $1,095
Feb-14 $985 $900 $485 $478 $1,097
Aug-14 $950 $1,025 $485 $565 $1,195
May-15 $995 $975 $490 $540 $1,225
Aug-15 $1,000 $975 $490 $540 $1,225
YOY 5.3% -4.9% 1.0% -4.4% 2.5%

This time I just figured the year over year (YOY) difference between August 2014 and August 2015.

I'm starting to trust the usefulness of the Rentometer data less and less.    I did a quick search in Craigslist for 3 bedroom houses in the area for property E and I couldn't find anything at all comparable under $1400.   Hard to believe the median is just $1225 like Rentometer says.   I assume this is because Rentometer doesn't differentiate between houses and apartments.  But even if I broaden the search to all 3 bedrooms including apartments, condos, etc then I still dont' see properties under $1200 level.     The rent Zestimate from Zillow is over $1500 for the E house which seems a lot more in line with what I'm seeing in the active market on Craigslist.


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