Kiser Group’s Advisor Katie LeGrand and Associate Jacob Price have conducted market research to gain larger scale insight regarding the drivers to a property’s value. The pair has meticulously looked at comparable rental properties within a specific geographic area during a specific timeframe to draw their conclusions regarding pricing buildings accurately for sellers. With this knowledge, they can confidently advise on strategies for getting the most rent for your North Side multifamily property.
The Strategy For Getting The Most Rent For Your North Side Multifamily Property
We specialize in knowing how Multifamily buildings can be optimized – and we have the most accurate data to effectively price and sell within the current market.
Knowing accurate rent rates for a specific area is one of the most critical pieces of data available to property owners. There are two main drivers to a property’s value – rental income and expenses. Having the most accurate portrayal of your rental income is crucial to knowing where to set your rents. We often encounter buildings with longer-term tenants and below market rents. In these cases, a building could be more valuable when considering a projected rental income stream.
In every analysis, we look thoroughly at comparable properties within a very distinct pocket/location and timeframe. We utilize multiple sources of data, including our proprietary multifamily database, CoStar, MRED, and active rental listings. For example, in the Edgewater-Loyola pocket, a 350 square foot studio in a 4+1 building with hardwood floors, minor cosmetic updates to kitchen and bathroom would go for around $950/month. That same unit, fully-upgraded with dishwasher, new countertops, or other additional upgrades could fetch you closer to $1,250/month. That $300 difference across the remainder of the units in your average 4+1 amounts to a significant increase in cash flow. This is just one example of the attention to detail we take when pricing a building for our sellers.
After deeply analyzing the data available to us, we create a rent thesis. Then, we go one step further to validate the new rent by speaking directly with owners and leasing professionals – one of the many reasons why we call you. There are many factors that impact a rental rate, including packages (internet, concessions, etc.) which may be handled a little differently by each individual owner. This is often information that can only be validated by speaking with someone.
Having physically observed every building in our market, we hold a true advantage in understanding the physical characteristics as well as the very specific location of each property. We spent months cataloguing the Northside on foot and have studied each Multifamily property in-person, covering over 39,000 units and 1300 buildings. Having this lens on the market truly sets us apart with the most accurate database that exists of Northside Multifamily properties.
If you would like to learn more about either process, give us a call at 773-293-5045.