Posted by E.Eka on October 16, 2003 at 15:37:42:
In a way i think it does. Look at the paper one week and compare how many of those same places get filled in the subsequent weeks.
What is the best way to gauge a rental market? - Posted by Mike_IL(west sub.)
Posted by Mike_IL(west sub.) on October 16, 2003 at 15:18:06:
How can you best determine if a certain area has a strong rental market? I look in the classifieds to get an idea of rental rates and number of occupancies but that doesn’t tell me if the market is good. Any suggestions?
Re: What is the best way to gauge a rental market? - Posted by Frank
Posted by Frank on October 17, 2003 at 07:04:14:
Mike:
You already got some good answers.
In extremely hot markets, such as NYC, tenants pay the broker finder’s fee. Then if the rate goes beyond one months rent, such as 10% of annual, which it did, then you know the market is extremely hot.
On the other hand, in weak markets, such as western MA, I have to owner pays the broker fees. Here I advertise in local paper’s, and my sister’s employer’s employee bulletin board, where we actually found renters.
Frank Chin
Re: What is the best way to gauge a rental market? - Posted by Craig (IL)
Posted by Craig (IL) on October 16, 2003 at 20:28:28:
I recently moved into a new market. What I did was call several LLs from 2-month old rental adds. You can get them from the public library archives. LLs, most of them any way, are quite willing to tell you about their experiences, how long it takes to rent, rental rates. etc. I talked with 8-10, and as I started hearing the same feedback, I knew I had a lot of very good information.