June 9, 2021

How Much Rental Income Can You Make? Find out in 30 Seconds!

"I will show you how easy it is to analyze the rental rates in an area or for a specific property. I’ve picked a random address off Redfin; I’m not looking to buy; I don’t own it. Once you have the address, you can enter it into the address search, enter the neighborhood, zip code or search a city. I’m going to use the address search. It asks for the rent amount, but you can skip that. Instead, I’m going to fill in the beds and baths. Once I have that information in, I click to analyze the address. You could filter down the radius, building type, and time frame or leave the default settings. Within seconds, the tool gives you the average rental rates in an area.

If you want a more in-depth look at the history of the rental rates in that area, the different properties it’s comparing and analyzing to give you the number, you’ll need the pro report. If you scroll down on the pro report, you see the charts of the average rent for bedroom types, the trends, and statistics.

As you continue to scroll down, it shows you different properties in a two-mile radius and how much they are renting for. This shows you how they are getting that average. You can see how the rent differs between amenities such as bathrooms and square footage. You want to look at the most similar properties to the house you are buying or considering renting.

This is the first thing I do when I’m looking at a particular property or particular city and going to Rentometer to put in the address and view the rents and look at the city’s rents. And see if the property is going to make sense. Rentometer is a good first step to see how it compares and the potential rental income.

You have to make sure you’re doing what’s best for you and your financial goals, but this is a good first step and a super-easy way to get those rental numbers. Go to rentometer.com and try it for yourself."

Visit The Key Resource Real Estate Investing for more helpful advice!

 

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