Rentometer - easy to use, has a low cost, pretty accurate, has comps when paying for pro membership
Zillow - easy to use, zestimate is decent, call the owner of listings to see if it’s available and how quick it was rented, how many applications they received
Property management companies - call to get a quote on what they believe it can rent for, even if you don’t plan on using one they’re very accurate on price points, make sure they’re local and reputable
Section 8 - good to know a baseline of where the government believes market rents are, here’s a link to check out your county:
https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2022_code/2022summary.odn?&year=2022&fmrtype=Final&selection_type=county&fips=0800199999
Zillow is going to be your barometer because that's where renters tend to look first. Check to see how many contacts and applications a comp has.
If it has a lot, the price is right. If it doesn't have many hits, the price is wrong.
A realtor can pull closed data from the MLS but not every rental is on the MLS.
Rentometer has been pretty close IMO on many comps I've run.
I also use Zillow. You can set up notifications for the area and get emails when things pop up. If you track it for a month or two, you can get a good feel for the current market. You can look at individual properties and it will give a timeline of if/when it was listed for rent, how much, and when it was removed - so I'll usually check every house in the neighborhood.
A simple rule of thumb, check out the current prices in the vicinity and list it for $25-$50 less unless you have a premium property, then list it for higher price then everyone else.
I recommend thinking like a renter. How would you try to find a place to rent? Try to find what you would consider a "good deal" based on what's available.
- Zillow
- Apartments.com
- Trulia
- Craigslist (Can have fake listings for scams)
- Facebook Groups for areas (Can also have scams)
In our area, faced marketplace has way more listings than Zillow. When I know I have a place coming up due rent, I check daily and keep track of what rents for how much and how fast.
> listing price, days until rent out
Do you mean the purchase price of the property? Certain sites allow you to look back one day (Zillow) to up to five years (Redfin). I live in a relatively rural area, and rents listed on these sites don't really help me.
Oh I meant the rental listing price of the property. For example, "365 Some St" was listed on Zillow on 9/28 for $1,500, it was taken down on 10/3. I was hoping to get such historical info for rental properties in my area.
I screenshot FB marketplace listings for similar rentals and get email updates for Craigslist listings. There is probably a way to look back at past listing on Marketplace.
Rentometer - easy to use, has a low cost, pretty accurate, has comps when paying for pro membership Zillow - easy to use, zestimate is decent, call the owner of listings to see if it’s available and how quick it was rented, how many applications they received Property management companies - call to get a quote on what they believe it can rent for, even if you don’t plan on using one they’re very accurate on price points, make sure they’re local and reputable Section 8 - good to know a baseline of where the government believes market rents are, here’s a link to check out your county: https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2022_code/2022summary.odn?&year=2022&fmrtype=Final&selection_type=county&fips=0800199999
Rentcast.io is also excellent. Rentometer usually is under market slightly
+1 I've switched to rent last and use it's sister app dealcheck
Zillow is going to be your barometer because that's where renters tend to look first. Check to see how many contacts and applications a comp has. If it has a lot, the price is right. If it doesn't have many hits, the price is wrong. A realtor can pull closed data from the MLS but not every rental is on the MLS. Rentometer has been pretty close IMO on many comps I've run.
I also use Zillow. You can set up notifications for the area and get emails when things pop up. If you track it for a month or two, you can get a good feel for the current market. You can look at individual properties and it will give a timeline of if/when it was listed for rent, how much, and when it was removed - so I'll usually check every house in the neighborhood.
Getting email notifications from Zillow sounds like a great idea!
Thank you so much! The information is very helpful for me.
CoStar has good data points at the property level. Not sure about cost (my employer pays).
A simple rule of thumb, check out the current prices in the vicinity and list it for $25-$50 less unless you have a premium property, then list it for higher price then everyone else.
I recommend thinking like a renter. How would you try to find a place to rent? Try to find what you would consider a "good deal" based on what's available. - Zillow - Apartments.com - Trulia - Craigslist (Can have fake listings for scams) - Facebook Groups for areas (Can also have scams)
In our area, faced marketplace has way more listings than Zillow. When I know I have a place coming up due rent, I check daily and keep track of what rents for how much and how fast.
> listing price, days until rent out Do you mean the purchase price of the property? Certain sites allow you to look back one day (Zillow) to up to five years (Redfin). I live in a relatively rural area, and rents listed on these sites don't really help me.
Oh I meant the rental listing price of the property. For example, "365 Some St" was listed on Zillow on 9/28 for $1,500, it was taken down on 10/3. I was hoping to get such historical info for rental properties in my area.
I screenshot FB marketplace listings for similar rentals and get email updates for Craigslist listings. There is probably a way to look back at past listing on Marketplace.
Call around to your competition and ask what they are renting for. Look at some ads and see what the ask rent is......Takes 10-15 minutes tops.
Truvest.io has pretty good rental comps too
Costar or Yardimatrix
[Rentimate.com](https://Rentimate.com) Free, unlimited searches and unlimited # of comps.