Market Rate on Rental Properties / Apts ?

2

2ez

Does anyone know how to find out the market rate for rental properties ?

....or is this info prvy to Realtors and Property Managers ?

I am renting now and trying to determine if I need to extend my stay or not. My Lease is up in November.

I called my Property Manager (Avalon Properties) regarding the cost of a short term lease......and this is what I were told.

For:

Month to Month Leases: Rent is market rate + 20%

Short Term leases (3 - 7 months): Market rate + 15%


She explained that the market rate on apts fluctuates often. I would be willing to bet my retirement that they will say I am not paying market rate. So I am trying to find the market rate to better gauge what I should do.



Thanks in advance ! !
 
??..................look in the real estate ads. In addition to apartments, there are motels and people who rent rooms in their homes that you could consider for a shorter-term lease. Where are you?
 
I'm in NY........married with two daughters.


renting a room is not an option. Just wondering if this market rate that fluctuates is available. sounds like BS to me.

I always thought rental rates in an area were contingent on salaries in said area.

Thanks for the reply
 
Quote from 2ez:

Does anyone know how to find out the market rate for rental properties ?

....or is this info prvy to Realtors and Property Managers ?

I am renting now and trying to determine if I need to extend my stay or not. My Lease is up in November.

I called my Property Manager (Avalon Properties) regarding the cost of a short term lease......and this is what I were told.

For:

Month to Month Leases: Rent is market rate + 20%

Short Term leases (3 - 7 months): Market rate + 15%


She explained that the market rate on apts fluctuates often. I would be willing to bet my retirement that they will say I am not paying market rate. So I am trying to find the market rate to better gauge what I should do.



Thanks in advance ! !
More...

The "market rate" is what a willing buyer and seller enter into a transaction at in an arms length exchange.

You can find this out in an area by checking out the rent ads, calling around and finding out what properties are equivalent properties are renting for.

Note: the terms of a lease are important. It's typical to pay more for a shorter term lease. A motel where your commitment is one day, is going to be more costly than an equivalent unit where you commit yourself for 1 year.

There are some units around that will quote you rental rates based on the length of the lease. Oakwood is one of the nationwide property managers.

There is no "secret" market rate". It's what a landlord and tenant are willing to agree to. It will be influenced by various factors like size, condition, length of lease, stability of tenant, etc etc. Again, just call around to other rentals in your area that are equivalent units.

OldTrader
 
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