How will you be able to determine the maximum rent to charge for your San Jose rentals without paying for a Rental Survey? The answer could be as simple as owning a smart phone and knowing what apps are best suited for such a search.
You could hire an experience San Jose Property Manager, but what if there were other resources!? What if there was a Rent Calculator that displayed the range of rents that nearby San Jose rental homes are fetching!?
Well, there is such a website called RentoMeter.com which allows you to test drive your desired rent for your San Jose property. The site allows you to input you to input your property info below:
1) Property Address
2) Number of Bedrooms
3) Expected or Desired Rent
The RentoMeter site then displays a round dial (seen in the image above) which shows where you expected rent ranks among the nearby properties. The Site uses about 1/2 mile radius to find similar homes using only the bedrooms to find the match!
Keep in mind that RentoMeter only using 3 criteria to find matching comps and there is no consideration given for condition, age, amenities and unique features. For instance one problem with the RentoMeter offering is that maximum number of bedrooms are capped at 6 which means can not be used for pricing multi-family properties.
We tested the site with one of Rental properties in San Jose that we manage. We use $5,500 rent for desired Rent and got the following results:
- 60 6-bedroom rentals
- …in a 7.95 mile radius.
- Median rent: $4500
- Average rent: $4837
- 20th / 80th percentile: $2990/ $6375
- 10th / 90th percentile: $2698 / $7925
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.
As you can see from the red dial, the 90th percentile of the rent is $7,925 but the maximum rent is shown as $9,750 but it’s well in the Red which might not be a wise marketing strategy for your rental.
Let us know how you determine your rent for your San Jose rentals?!