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How can I tell actual rental rates?

Started by Al_Assad
about 14 years ago
Posts: 107
Member since: Jul 2011
Discussion about
For sales, I can find the actual contracted sales amount. But for rentals, all I see on SE is the listed price - which often is the realtor's wish, not the final agreed rent. I've seen rentals go for less than 90% of the asked price. This can be significant - on a $7,000 rental, that could mean an actual agreed rate of $6,300 or less! Is there a way to find actual rental prices in a building? Is this registered with the city anywhere?
Response by jim_hones10
about 14 years ago
Posts: 3413
Member since: Jan 2010

no. but be smart and assume asking rent is what is being paid--because usually it is.

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Response by inonada
about 14 years ago
Posts: 7952
Member since: Oct 2008

In very few cases, the actual rental price is recorded by the broker. On SE this shows up as a price change on the day the listing is removed. I've also seen this opportunity used by shady brokers to artificially jack up the price: e.g., the apt's been sitting for months, they drop the price, a month later it's taken, but the price is jacked up on the day the listing is removed.

More generally, if the building is large, I look for at past listings of similar apts with the idea being that the lowest-listed ones are most representative of where the market actually lives. FWIW, at the higher end (as of about a year ago) I had no problem negotiating more-than-10%-off in a number of places I had interest. This was on already well-priced apts.

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Response by jason10006
about 14 years ago
Posts: 5257
Member since: Jan 2009

Well, in aggregate anyway Jonathan Miller's reports have city-wide (and neighborhood) average rents nominally and after concessions. So you can at least get an idea of the typical discount.

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Response by gaongaon
about 14 years ago
Posts: 282
Member since: Feb 2009

Some of the larger rental buildings appear to be experts at obfuscation, vis a vis, their rental prices. I've seen over and over again, apartments of 1300+ sq. ft. with prices commensurate and way beyond, show up in rented column (and in available listings, as well) as 1 bedroom 1 bath. I've actually seen seen some of these apartments. They are 2 bedrooms, 2.5 baths. The mendacity and obfuscation is mind blowing. Shouldn't be.
I have never bothered to notify SE of this, but I have seen it done continually on at least two rental buildings (different management companies) that I track. So, there are no real numbers, it's like the CPI. Lies and lies. One bedrooms going for $6400, 1300 sq ft. Bullshit. They are taking lessons in fraud from Wall Street and the government.

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Response by Al_Assad
about 14 years ago
Posts: 107
Member since: Jul 2011

Thanks, all.

gaongaon - Sadly, "experts at obfuscation" is indeed an accurate descritption of the entire real estate industry!

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