Where do you get your information for market rents?

General Landlording & Rental Properties
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Where do you get your information for market rents?

Brandon Elliott-Pandey
Realtor · Erie · Member since 2022 · 194 posts · 88 votes

I already have a subscription to rentometer.com and appreciate the platform. I use it for my investor clients and myself and thus far it's helped us tremendously. That said, I don't want to become complacent and not seek out better alternatives or platforms that could even provide more value.

Have you found a website that provides accurate market rents but gives more value than rentometer.com?... or what platforms do you prefer to use and why?

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Conner Olsen
Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
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@Brandon Elliott-Pandey Those sites are great for an idea of rents in the area, the best way to be accurate is to pull your own comps or get an agent to do it for you.

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  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 5k+ posts · 3k+ votes
    4y

    I am not a huge fan of it. I see what's listed for rent and compare. I also ask my go to PM and we use the low end for our numbers 

    1Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Brandon Elliott-Pandey:

    Those platforms use computer algorithms based on raw data (zip code, square feet, # of beds/baths, etc.) but they cannot account for qualify of build, what the neighbor's house looks like, and other factors. I like those sites to get a general understanding of a market, but really narrowing down the data requires studying the market personally and for longer periods of time.


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    5Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    4y

    @Brandon Elliott-Pandey Those sites are great for an idea of rents in the area, the best way to be accurate is to pull your own comps or get an agent to do it for you.

    5Reply
  • Jake Soper
    Real Estate Consultant · Lawrence, MA · Member since 2020 · 216 posts · 157 votes
    4y

    Like Nathan said, use the data aggregate sites first to get a sense of the overall market inventory + price. But neighborhoods, streets, asset types, etc all have nuances that effect rental prices and can turn an OK deal into one that you should pass on. And vice versa, this knowledge also can help create opportunities in areas that other investors dont look.

    1Reply
  • Ron Brady
    Rental Property Investor · Burlington County, NJ · Member since 2019 · 540 posts · 771 votes
    4y

    We use Rentometer, Rentcast/Dealcheck, Zillow and, to the degree we can, finding our own comps when we’re preparing to list. Best wishes to you.

    1Reply
  • Michael Dumler
    Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
    4y

    @Brandon Elliott-Pandey, why not pull lease comps from the MLS since you already have access? This is the most accurate method to set rents in my opinion. Hope this helps!

    1Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    4y

    @Michael Dumler why would the MLS be better at rental comps then rentometer, zillow or similar?

    1Reply
  • Artem Belayev
    Rental Property Investor · Shoreline, WA · Member since 2017 · 38 posts · 15 votes
    4y

    I use rentometer to get a basic number then Zillow to see what's actually available and its condition. Zillow also shows how many people contacted or applied which can help. MLS if u have access! Hope it helps.

    2Reply
  • Matthew MorrowBusiness Member
    Investor · PA - NY - NJ · Member since 2019 · 936 posts · 340 votes
    4y
    Quote from @Colleen F.:

    @Michael Dumler why would the MLS be better at rental comps then rentometer, zillow or similar?


    Similar reasons to appraisers only using MLS data. This information is essentially peer reviewed and verified to remove any bad info. Zestimates can be wildly off and you don't want to base your entire business model on some computer algorithm that may have a metric wrong.

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  • Sergey A. Petrov
    Real Estate Consultant · Seattle, WA · Member since 2022 · 1k+ posts · 784 votes
    4y

    Zillow, apartments.com, furnishedfinder.com, craiglist, Google / Bing / Yahoo / DuckDuckGo / another search engine with the search term being “my town apartment / home rentals”, etc

    1Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    4y

    @Matthew Morrow do they use any data on rentals besides what is listed in the MLS? Tor sales I get it, but for rentals very few are listed in MLS these days.

    2Reply
  • Matthew MorrowBusiness Member
    Investor · PA - NY - NJ · Member since 2019 · 936 posts · 340 votes
    4y
    Quote from @Colleen F.:

    @Matthew Morrow do they use any data on rentals besides what is listed in the MLS? Tor sales I get it, but for rentals very few are listed in MLS these days.


     That's a great question. You can interpolate a little if trying to price rentals. 

    For ours- if there was no solid data (in some markets this is common) - We started calling property management / leasing companies and comparing to similar units. And hate to say it, but Facebook / Craigslist and even the Newspaper classifieds could be useful.

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    1Reply
  • Matthew MorrowBusiness Member
    Investor · PA - NY - NJ · Member since 2019 · 936 posts · 340 votes
    4y
    Quote from @Artem Belayev:

    I use rentometer to get a basic number then Zillow to see what's actually available and its condition. Zillow also shows how many people contacted or applied which can help. MLS if u have access! Hope it helps.


     The contact feature on zillow is nice, and i wonder how accurate it is. Applications is 100% right, as we use them to source rentals. 

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    1Reply
  • Alexander Szikla
    Real Estate Agent · New York City · Member since 2020 · 820 posts · 641 votes
    4y

    1. Zillow

    2. Apartments.com

    3. Rentometer

    1Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Caleb Brown:

    I am not a huge fan of it. I see what's listed for rent and compare. I also ask my go to PM and we use the low end for our numbers 


     Thanks Caleb!

    1Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Nathan Gesner:
    Quote from @Brandon Elliott-Pandey:

    Those platforms use computer algorithms based on raw data (zip code, square feet, # of beds/baths, etc.) but they cannot account for qualify of build, what the neighbor's house looks like, and other factors. I like those sites to get a general understanding of a market, but really narrowing down the data requires studying the market personally and for longer periods of time.



     Thank you for your thoughts Nathan! :-)

    1Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Conner Olsen:

    @Brandon Elliott-Pandey Those sites are great for an idea of rents in the area, the best way to be accurate is to pull your own comps or get an agent to do it for you.


     Thanks Conner for your thoughts!! :-)

    0Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Jake Soper:

    Like Nathan said, use the data aggregate sites first to get a sense of the overall market inventory + price. But neighborhoods, streets, asset types, etc all have nuances that effect rental prices and can turn an OK deal into one that you should pass on. And vice versa, this knowledge also can help create opportunities in areas that other investors dont look.


     Thanks for your thoughts Jake! Good notes :-)

    0Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Ron Brady:

    We use Rentometer, Rentcast/Dealcheck, Zillow and, to the degree we can, finding our own comps when we’re preparing to list. Best wishes to you.


     I have yet to hear about (Rentcast/Dealcheck) thanks for sharing that. I'll have to look into it!

    2Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Michael Dumler:

    @Brandon Elliott-Pandey, why not pull lease comps from the MLS since you already have access? This is the most accurate method to set rents in my opinion. Hope this helps!


    Totally true, I am always looking for a simple tool to be able to run comps or pull moderately accurate data outside of the MLS. It's a value add opportunity for my clients and then if they want something more dialed in and I have a firm commitment we generally run the comps through the MLS.

    0Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Colleen F.:

    @Michael Dumler why would the MLS be better at rental comps then rentometer, zillow or similar?


    That is a great question! The MLS and a GREAT Realtor are able to pull market data but also make judgments on the property based off of its conditions, location, amenities, etc with you. As a rule of thumb, Realtors are able to give you more accurate information and judgments vs an online platform.

    But platforms are a great place to start and get ideas of what areas to look into before spending a large amount of time on an area to find out you need to look elsewhere.

    0Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Artem Belayev:

    I use rentometer to get a basic number then Zillow to see what's actually available and its condition. Zillow also shows how many people contacted or applied which can help. MLS if u have access! Hope it helps.


     Totally does, thanks for your thoughts Artem!

    0Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Matthew Morrow:
    Quote from @Colleen F.:

    @Michael Dumler why would the MLS be better at rental comps then rentometer, zillow or similar?


    Similar reasons to appraisers only using MLS data. This information is essentially peer reviewed and verified to remove any bad info. Zestimates can be wildly off and you don't want to base your entire business model on some computer algorithm that may have a metric wrong.


     Couldn't agree more. Well said Matthew! 

    1Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    4y
    Quote from @Colleen F.:

    @Matthew Morrow do they use any data on rentals besides what is listed in the MLS? Tor sales I get it, but for rentals very few are listed in MLS these days.


     That's actually why I asked this question. :-) to see if there are other platforms out there that I can share with my clients other than Rentometer.com

    Thus far, the MLS is the most accurate of course but Rentometer still seems to be the best. I'm looking into rentcast right now and it seems pretty great as well!

    1Reply
  • Luka Milicevic
    Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
    4y

    I start with the MLS-I'm an agent and have access to all MLS info. I search for closed comps in the exact subdivision to see if there are any. From there I expand my search.

    I also check zillow to see what's active at the moment. 

    Based on closed comps and active inventory is when I start to determine where to price my rental. 

    1Reply
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