If you are thinking of buying a property to rent to tenants, or if you are refurbishing your current property to rent out, you’re going to need to determine a fair monthly rental price.
How can you do this?
No, it’s not a magic number that you can make up.
It requires due diligence, research and data.
That’s where rental comps come in.
Rental comps tell you what similar properties are renting for, so you don’t end up under charging and reducing your ROI, or over charging and struggling to find tenants (or, even worse, tenants not paying).
Keep reading to learn everything you need to know about rent comps in 2025!
What are Rental Comps?
Simply, rental comps are your crystal ball for pricing for rental property.
Rental comps reveal the ever-elusive market value of properties because the rental market can be unpredictable. For example:
- In Columbia, South Carolina, rents shot up by a whopping 8% in 2024
- The Big Apple saw its rents climb by 3.6% because New York City simply didn’t want to feel left out
- Sun Belt cities like Austin and Atlanta saw rents drop in 2024 due to too many new apartments on the block
- In places like Erie, PA, and Duluth, MN, limited supply is the name of the game, and rents went up thanks to high demand.
Trends can and will shift, so it’s good for you to stay updated.
Rental comps help you navigate this rollercoaster.
How to Find Rental Comps: 10 Ways
So, where can you find rental comps? Consider these options.
1. Online Real Estate Platforms
Online real estate platforms can be a valuable source when it comes to rental comps. Their costs range from entirely free access to basic listings to premium features at $10 to $50 a month.
Zillow, Realtor.com, and Redfin can be your best pals here.
Their basic tools are free, but they offer premium services for more detailed insights, advanced data access, and personalized insights.
2. Local Real Estate Agents
Local real estate agents have the 411 on the neighborhood. Plus, they love to chat about the inside scoop on local rental prices and trends. Many are happy to offer a free initial rental comps consultation. But if you want a more detailed analysis or ongoing assistance, be prepared to discuss fees.
How much are we talking?
Some agents might charge a flat fee or an hourly rate ranging from $50 to $150, depending on the complexity and depth of the information you need.
3. Facebook Marketplace
This buy-and-sell platform is a great source of information on properties within the immediate radius of yours. It’s also free to use even if you don’t have a Facebook account.
4. Rental Market Reports
These are great for rental comps data. Check out sites like RentCafe and Rentometer, which offer free access to basic rental statistics.
You can get more comprehensive info like analysis and forecasts for $20 to $100 per report.
5. Rental Comps Data and Analytics Websites
Paid resources like CoStar and CoreLogic offer in-depth reports and forecasts based on robust databases and sophisticated analytical tools.
While these resources come at a cost, from $100 to $500 per month, the investment can give a significant ROI.
6. Real Estate Investment Clubs
If you’re feeling fancy, these posh spaces often share exclusive insights among members through workshops, networking events, and data sharing.
REIAs (Real Estate Investors Associations) like the Los Angeles Real Estate Investment Club and REIA NYC host regular meet-ups. Some require nominal membership fees. Others charge $100 to $500 annually, depending on the level of access and the resources provided.
7. Property Management Companies
Greystar, Cushman & Wakefield, and Lincoln Property Company are examples of firms that know all the details and can give you the lowdown on local rental trends.
Greystar, renowned for managing a vast portfolio of properties, offers detailed market analysis and rental trends. Cushman & Wakefield, with its global presence, provides both localized and expansive insights. Lincoln boasts tailored data on specific neighborhoods.
While some basic insights may be shared freely during an initial consultation, expect to pay anywhere from $75 to $200 for detailed reports or monthly subscriptions.
8. Real Estate Apps
ICYMI, there’s an app for everything.
Try Zumper or RentPath, which are designed to make your rental comps search easy as pie.
Zumper provides free access to listings with a premium feature that includes additional market insights and real-time alerts at $9.99 per month.
RentPath, which powers sites like Apartment Guide, offers both free and premium services, with fees for advanced tools starting at about $20 per month.
9. Virtual Tours and Open Houses
Ideal for couch potatoes who like to explore, these websites let you tour properties without leaving your seat. Fees depend on the platform and the features offered.
Matterport typically charges property owners for creating and hosting virtual tours, with prices starting at around $200 for basic 3D tours. Some users can access tours for free as part of their property search.
Zillow 3D Home Tours are often free for users to view, with fees charged only to agents or property managers. Similarly, Realtor.com and Apartments.com provide free virtual viewing for all users.
10. Local Real Estate Seminars and Workshops
For the social butterflies among us, these events often feature industry experts who share valuable insights and up-to-date market trends. They range from free community workshops to more exclusive events with registration fees at $25 to $200, depending on the scale and speaker lineup.
Is it Possible to Score Free Rent Comps?
If you’re a real estate investor on a budget, you may be wondering if it’s possible to get rental comps for free, and the answer is yes. Here’s a few ways.
Public Records and Databases
Your county assessor’s office is a gold mine of paperwork for your treasure hunt.
Social Media Groups
Perfect for scrolling when you’re pretending to work. Facebook groups and LinkedIn can be surprisingly useful. Investors love to share (sometimes a little too much).
Real Estate Forums
Websites like BiggerPockets are great for getting advice, sometimes even specific comps, without spending a dime.
Networking with Other Investors
Everybody loves a good gossip session. Investor meetups and chats could provide valuable, free insights.
Free resources are great for getting started. You’ll save a buck and get a feel for the market. But here’s the kicker: Free options can be hit-or-miss. Sometimes, you strike gold—other times, you end up with fool’s gold.
Then, you might need to mix in some paid options for more accuracy. After all, the best chefs use only quality ingredients.
Rental Comp Tips
Remember: underpricing your rental property and you can reduce your ROI; overpricing your rental property can lead to tenant turnover and months without money coming in.
Even with these platforms, finding the perfect monthly amount can be a challenge, so here are a few additional tips when doing rental comps.
- Don’t take data at face value. Double-check and triple-check your sources.
- Stick to similar properties. Don’t compare a sizeable 3 bedroom 2 bath house with a cramped 2 bedroom 1 bath.
- Check multiple sources. Use online platforms, local agents, and public records for a well-rounded view
- Look at current market trends. Stay updated to avoid having to catch up.
- Consider the amenities. Properties with pools, gyms, or pet-friendly policies might demand higher rents. Don’t forget these perks!
- Factor in location nuances. Even within the same city, neighborhoods can vary wildly. A waterfront view could fetch more than a concrete jungle
- Use technology. Real estate apps can be lifesavers with tons of data at your fingertips
- Stay flexible. Market dynamics can change faster than you can say “rental comp.” Be ready to adjust your strategy accordingly
The Bottom Line: Finding Rental Comps
There you have it: use the platforms and the tips in this guide to help you find the perfect rental comps so that you can offer the right price for your rental property now and in the future.
