1) Property Address
2) Number of Bedrooms
3) Expected/Desired Rent
Then the site display a round dial which shows where you expected rent ranks among the nearby properties. The Site uses a 7-8 mile radius to find similar homes with the matching number of bedrooms. The challenge with the site is that there is no other input fields besides the one’s listed above that might impact a potential tenants interest in paying more for the property. For instance, if you have wine cellar in your property, this site has no way to measure the impact of such amenities.
The other limitation of the site is that it caps the number of bedrooms at 6 which means it’s not suitable for pricing multi-family or much larger home that have more than 6 bedrooms. The other glaring omission in our opinion is the number of bathrooms as well which impacts the decision of tenants on rent.
We tested the site with one of Rental properties in Los Gatos that we manage. We use $3,600 rent for Rent and got the following results:
- 44 3-bedroom rentals
- …in a 0.79 mile radius.
- Median rent: $2975
- Average rent: $3137
- 20th / 80th percentile: $2350 / $4300
- 10th / 90th percentile: $2100 / $4500
This is very good start for Landlord and property managers who might need to do a quick rental survey when they are assigned a new property. We do much more extensive Property Profile using County records which includes a Rental Market survey as well.
What do you use to make your final decision on the rent?! How have used RentoMeter site before?! Let us know.