I know how to do the granular underwriting for a specific development deal in a specific location, but here I'm looking for the big picture.
Say my firm is thinking of entering a new, unfamiliar market- Seattle, or Tulsa, or wherever. What's the best way to find the average 1BR rent in each of the municipalities/zip codes in the metro area?
I know that HUD publishes 50th percentile rent estimates, but those are typically averaged over significantly larger areas in which the rents vary significantly. Anyone know of better sources?
If you are wanting free data, Zillow publishes zip code level indices.
Do you mean the Zillow Observed Rental Index data? (https://www.zillow.com/research/data/) I've looked at it, but it lumps big areas together. HUD is more granular than that (but still not very granular). Thanks.
There is a geography drop down to download it by zip code
Costar you broke bitch…wtf
My company doesn't subscribe. Probably we should although I doubt they'd pay for it. Historically we haven't done too much MFR.
Comp out 4-5 buildings in the market you’re interested in then search Apartments.com (Costar owned) for 1bd availabilities at each. That should give you a decent baseline. If you need to get more granular just call the leasing teams at each and ask for more intel (ie asking rents, concessions, lease term etc). Depending on the market you can check the major brokerage sites for MF market reports as well.
Thanks, this is more along the lines of what you'd do if you were underwriting a deal. I'm looking more for the regional view from 10,000 feet- basically the rent equivalent of the home price heat maps that Zillow used to make.
Maybe the NHA or NAR sites then? Zonda and Market Share are two big housing data resources as well but I’m not sure if you need a subscription. I'd still probably just do a little research on who the most active brokerages are in the market and reach out to those guys. If you're a developer or on the acquisitions side they'll be more than happy to leverage their resources to help if they think they can swing a future listing out of you.
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