When you own multi-family investment property, it’s a good idea to stay informed about market rents. Fortunately, since Montpelier and Barre aren’t really that big of markets, it’s pretty easy to get that information.
At Green Light Real Estate, we keep track of what different apartments rent for, so contacting us is an easy place to start.
|
Median Rent |
|
|
Barre, 1 bedroom |
$825 |
|
Barre, 2 bedroom |
$998 |
|
Montpelier, 1 bedroom |
$1000 |
|
Montpelier, 2 bedroom |
$1213 |
Updated March 2020
There are variables that need to be considered. Who pays for heat and electricity? What’s the location? Is there parking? What’s the condition of the building?
If two bedroom heated units are renting for $950 in buildings and neighborhoods similar to yours, then you’re probably not going to get $1100. No matter what your buddy who lives in Burlington tells you.
But if you’re interested in a building that appears to have below-market rents, then you might have a nice opportunity to increase rents, and make the building a little more profitable.
Next article: Net Operating Income
Want to learn more? Email Info@GreenLight-RealEstate.com