Posted by joe-ga on October 17, 2010 at 20:33:25:
In the metro atlanta area rents have decreased abit… I
have dropped my rent prices approx $50 to $75 just to
keep them full.I have a few commercial rentals.I have
also had to drop rates on those just to get people in
them.
Market prices for 3BR in your area? - Posted by Shawn Sisco
Posted by Shawn Sisco on October 11, 2010 at 12:09:21:
I am curious as to how the rule of thumb is holding up- lot fees should be roughly 1/3 of market price for standard grade 3BR apartment rent in your area.
I have few 3BR apartments in my market, using SFH as comp ($900) or duplex ($800) I find myself under priced, and this seemingly occured very quickly. Have rents increased? if so, how could it be during such a slow economy?
Is the 1/3 rule even relevant?
Re: Market prices for 3BR in your area? - Posted by JeffB (MI)
Posted by JeffB (MI) on October 12, 2010 at 07:16:02:
Shawn,
I remember hearing the 1/3 rule before at some point, but it was quite some time ago. It has not been relevant in my market in many years. Lot rents $450-500 and 3BR apartments are well under $1000.
I have found my 3BR total payments need to be in the $750-800 range (including lot rent) to stay competitive.