How to do a marketing survey on the rental market?

I would like to do a marketing survey on the rental market in Crown Heights.  Is it really as simple as looking in the newspaper, visiting brokers and surfing the internet to find out what is being charged for various rental units? Where and how can I see rental trends?   Am I overlooking a crucial step? I have found that nothing is as simple as it seems – or am I lucky in this case and it IS ACTUALLY SIMPLE.  LOL!!! Tell me what you think!

ferney1c

in Agents and Brokers 12 years and 8 months ago

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elbow | 12 years and 8 months ago

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Hi, Ferney: After reading your reply to my answer and seeing this question, I now get where you’re going. I always found the best way to get into the rental rate ballpark was just what you’re proposing :looking at realtors websites, ny times and maybe something like street easy. I always make a little spreadsheet of various properties that are available and the asking rents (I’ve most recently been doing this for commercial rates, which are based on square footage, so it’s easier to deal across sizes). Then I average the dollar per square foot and line them up low to high. You may want to do subsets by size. I’d always try to get a “data set” of at least 30 places. I usally knock out the very highest and lowest from the list as outliers. I think you can get a reasonable snapshot by doing this. It will also help alot with your numbers crunching for optimal income/renovation costs. It may also clue you into market need – i.e. few really large apartments, or not enough small affordable places. I get the lure of the rental income, but my general sense is that since you’re living in the place you’d may want to keep the number of units low. I have 5 apartments above me, and the coming and going and chatting with friends in the hallway can get noisy.