Posted by Frank Chin on February 24, 2002 at 08:04:12:
Hi Terence:
I’m a NYC landlord, and I have rentals coming up from time to time (at least one if not more a year), and I have to figure out what to charge the next tenant. So you can say I’m making a living out of knowing this.
I’ve seen WEBsites where they have info of the region. It realy doesn’t do anything for me. But these are usually out of date and does not take into consideration:
1- School Districts
2- Condition of the neighborhood
3- Condition of the Rental unit
4- Room sizes
5- Amenities that come with the rental.
6- How quickly it rents at the asking price
7- Do they allow pets
Whenever I receive notice from a tenant to vacate, I follow the rental classifies for a few weeks to see what the asking price is. Although I don’t do this anymore, when I was new at it, I also
a- Call some ads to ask about the condition of the property, amenities etc. For instance, is it freshly painted and repaired? Does it come with washer/dryer, A/C, wall to wall carpet etc. etc.
b- Visit a local realtor and saying I’m the owner, I got something for rent, and how much can I get for it.
c- The my wife may visit the same rental agent, and say I’m looking for somehing for rent, how much are people asking for.
I saw one post when the person said he/she cannot get an exact answer on the price from realtors but a vague answer on a price range. Well, that’s the type of answer you’ll get unless you get vey specific.
I think the most exact way to determine is to go into the WEBsites for the classified sections of the newpapers and get a range of rentals for the area you’re interested in, and call up for specifics.
I just rented a house in Long Island, and I checked out the classified section of Newsday, which is available on-line.
If you just want to sit in front of a computer and not have to do any research, all you get is average, out of date, and vague information.
Frank Chin