As a real estate agent focused on the sale and purchase of homes, I don’t work directly in the rental space. However, as I work with people on purchasing property that may want to rent it out after purchase, I do keep a pulse on the rental market and am happy to share that expertise with my clients. If you are purchasing a property and trying to assess the rental potential of it, there are some general things to look at.
The harsh reality is that a high number of owners who rent their homes out in this area are doing it to offset carrying costs vs. doing it to make a profit. The higher acquisition costs of homes in the area combined with insurance, association fees and other carrying costs make it harder to have a rental that clears much of a profit.
As you are looking at homes to purchase, we can set up filters in MLS on reportable elements to try to get your search alerts refined to the best properties if rentals are a consideration. For example;
As a client, If there are properties that you are interested in, I am happy to go into the MLS system to see if there are other rentals listed in the community and what the rental rates have been for those properties. Keep in mind, I can only pull this data from MLS on properties that have listed their rental through a brokerage and as I shared above, there are many owners who rent it themselves through a service like VRBO, which we don’t have reporting capability on. Pulling this data together is all manual and takes a good deal of time. So, I don’t have the ability to do it for every property that is sent to you on MLS, but can do it on a shorter list of properties that you are interested in.
There are hundreds of communities in the area. But here are few examples of some of the more popular rental areas … some of these often have higher purchase prices.
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