Where to find rental comps for 1025?

[Terrel L. Shields]

Great! So how you decide which comps for the sale and which comps for the rent?

Use the best ones for both. They don't have to be different

 

[Dublin ohio]

Great! So how you decide which comps for the sale and which comps for the rent?

The same way you choose any comparable

 

[George Hatch]

I've used the same comps for both on many occasions over the years. If/when one or more of the unit rents were consistent with other rental data in the market. Nor do all of the rents on a sales comparable need to be at market in order to use a unit rental which is at market.

Two reasons an appraiser might have for not using rents from a sales comparable is if they're out of line with other rental data, or if they're more dated than other available rental data.

In the end we try to do as best we can with the data we have available. Sometimes the really good rental comps are easy to find, other times its very difficult to scrape even 2-3 good rent comps together.

 

[Dublin ohio]

That's just asking to get spammed

I check Craigslist for various items. Have even bought a few. Have never received any e-mail from Craigslist other than communication from a seller

 

[CCAAMO]

Sounds like the poster never appraised a 2-4 unit property before so his 1st step should be "I'm I competent to appraiser a 2-4 unit property. As a side note, I hope the poster understands the State of California has rent increase limits on apartments, as do various Cities and Counties so he needs to make sure the rents he is using are at current market levels and now below as a result of long terms tenants and/or rent control

 

[TC]

For one unit property, like SFR, CO or TH, MLS has two separate sections search. One for sale and one for rent. So it will be very easy to do 1007. But for 2~4 units property, why MLS only have one section search for the sales. Where the appraiser can find 2~4 units rent comps? I saw some 1025 report use sale comps for rent comps as well. Then, how can we decide which comps for the sale and wich comps for the rent? Please give me your 2c. Thanks!

Make some phone calls to agencies that have rentals. Check the ads or craigslists for rental info.

 

[George Hatch]

Sounds like the poster never appraised a 2-4 unit property before so his 1st step should be "I'm I competent to appraiser a 2-4 unit property. As a side note, I hope the poster understands the State of California has rent increase limits on apartments, as do various Cities and Counties so he needs to make sure the rents he is using are at current market levels and now below as a result of long terms tenants and/or rent control

I sometimes get lied to WRT contract rents and have commented before on the contract rents not being supported by the rental survey so therefore I'm going with the market rents. Sometimes with a PV of bonus rents and sometimes without even that. After all, that is the reason for doing a rental survey in the first place - to see how the subject rents relate to the market rents.

 

[Vermonter]

Great! So how you decide which comps for the sale and which comps for the rent?

If there are only 3 comps the decision is easy

 

[Vermonter]

I check Craigslist for various items. Have even bought a few. Have never received any e-mail from Craigslist other than communication from a seller

I used to buy a ton of stuff off Craigslist, but everyone moved to FB marketplace late 2010s. Most of the CL apartment rental ads around here are scammers

 

[Fernando]

MLS was not set to provide info to appraisers so easily.
Some need to stop feeling entitled.
Appraisers know the info is "hidden" in the way MLS is set up and require work to get it from MLS, Craigslist, etc.
Appraisers make it appear easy to have rentals fall onto their laps but it takes lot of work.