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form 1007- Comparable rent schedule

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I have a different scenario. The owner of the subject property for a 2 unit multi family in Detroit, gave me current rents as $900 total. Upper $500 heat included, lower $400 no heat included.

When I pulled rental comparables for similar properties, they are all coming in at 1100-1200 and 2 properties are lower in sq ft.


Sher, Mike Kennedy is right. However, I'll add that it might help to think about why or how this is happening. It is not uncommon in my area for people to stay in rental units for long periods. The lessor frequently eases up on raising rents to avoid losing long-term tenants. Another way this can happen is if the lessor purposely sets rent low to lower the vacancy rate. And, of course, some property owners are simply not very good at knowning the market.

One caution... be sure that the comparable properties with higher rents are really comparable and consider anything that might cause an adjustment. Size is not the only thing that matters.
 
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