- 1). Find a property you would like to analyze. Get the number of bedrooms, bathrooms, and square feet. Also get a feel for the overall quality of the property (i.e. new vs. old, new kitchen, etc.)
- 2). Look for rentals in the immediate neighborhood. You can do this with websites such as Rentometer (www.rentometer.com) or Googlemaps.
- 3). Find 3-4 properties in the area with the same number of bedrooms and bathrooms and approximately the same number of square feet and similar quality.
- 4). The average of the rents of these properties is your estimate of market rent. This is how much rent you could reasonably expect to collect for the property in question.
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