How do I run rental comps?

A good comp is close in the ways that actually drive rent. Start with location, then match the fundamentals so you are comparing like with like.

• Proximity: stay in the same neighborhood, ideally within a short radius, since demand shifts quickly.
• Layout: match bedroom and bathroom count and keep square footage in a similar range.
• Type and age: compare a house to a house and an apartment to an apartment.
• Timing: favor units leased in recent months over old or stale listings.

Pull comps from active and recently leased listings on the major rental sites, since those show real asking rents for units you can inspect in the photos. Cross-check a few sources so one outlier does not skew your read.

Local knowledge helps too. Property managers, other landlords, and leasing agents in your area often know what units truly closed at, which can differ from the original asking price.

Raw comp rents are a starting point, not the answer. Nudge each one up or down to account for how it differs from your property.

Add value for features your unit has and the comp lacks, such as in-unit laundry, parking, a renovated kitchen, or outdoor space. Subtract when the comp is clearly nicer. After adjusting several comps, look for the cluster they point to and set your rent inside that range.

The biggest error is trusting asking prices as if they were final rents. A listing sitting unrented for weeks is priced too high, so it is a warning, not a target.

Also avoid comparing across very different areas, leaning on a single comp, or using stale data. Re-run comps before each new listing and again at renewal, because a rent that was right last year can drift as the market moves.