Single Family Comparable Rent Schedule

[Appraisal Santa Fe]

First one I've been required to do.
I'm a bit lost on this.
Do you adjust for GLA? I'm showing rents all over the place despite size (this is a small single family 800 Sq Ft)

How do I come up with the estimated monthly market rent? Do I average the adjusted total of my comps? Sorry if this question seems daft. :Eyecrazy:

Thanks for any help

RC

 

[PropertyEconomics]

Place your rentals on a $ per square foot monthly and let us know what happens.

 

[Appraisal Santa Fe]

Place your rentals on a $ per square foot monthly and let us know what happens.

:icon_question:

Not sure what you are saying here. I have rentals that are varying in size by 200 sq ft that are getting basically the same rent.

I'm really confused. m2:

 

[PLCG]

Maybe the market does not find 200SF a significant difference. Can you see changes in a larger SF?

 

[Michigan CG]

It is my experience that the biggest factor in rent for SFR is bedroom counts all other things being mostly comparable.

 

[Riick]

800 sq.ft. -- likely a 2 br,but might be 1br
The way rentals are usually priced and compared is $/ft/month (or year sometimes)and $/bedroom/month.
Sometimes there does not appear to be any rhyme or reason, at which point you are probably dealing with differences in location, and style, and number of floors, amenities, etc. etc.
i suggest you get out your text books, and just plug your data into the forms - which will HELP you figure out what is going on.

OH.. and before anyone chimes in that you have to refuse the job because you don't already have the knowledge that comes from experience -- that's hooey IMHO.

 

[Vegan702]

PE, trot on over to Santa Fe and help out your fellow appraiser.

 

[Appraisal Santa Fe]

1 br, actually 1 1/2 bath but I'm not valuing the 1/2 bath due to functional obsolescence.

My Text books are buried right now do to a move.

Still searching the area for more comps.

My question still stands. How do I come up with my estimated monthly rent? I'm trying to reconcile this crazy thing. Next time one comes up, think I might pass.

Thanks for the assistance so far.

RC

 

[Lee Lansford]

:icon_question:

Not sure what you are saying here. I have rentals that are varying in size by 200 sq ft that are getting basically the same rent.

I'm really confused. m2:

A difference of 200 SF among houses that are anywhere from 800 sf to 1200 sf is a significant difference.

Such a difference among houses that are +-2500 sf (and more) is not so significant.

Tell us something about the subject property and the set of market data that you have to work with.

 

[ghrousseau]

:icon_question:

Not sure what you are saying here. I have rentals that are varying in size by 200 sq ft that are getting basically the same rent.

I'm really confused. m2:

I some markets there is not much difference in rent for a few hundred sq ft. Bedroom counts, bathroom, location, and condition play a bigger factor. Also, be mindful of terms. Sometimes the month to month are paying a higher rate than 1 yr lease. Utilities included vs not included. Also sometimes garage/storage will get you a little more per month.