How do you estimate ret?

Question

I've been using rent-o-meter but I have found that I have to double check almost every comp it pulls because it can often pull rent from listings BEFORE the price was cut. That is, it pulls the intitial listing rent, not the actual rent the tenant ended up paying.

Also, even if it does find the last posted rent amount, it seems like it pulls from listings when the listing was removed, but without actual confirmation that the tenant actually ended up paying that amount. For example, maybe the landlord just gave up trying to rent and removed the listing, moved into the house, etc. Listing removed does not always = actual rent paid.

Curious how y'all approach this. Also, would you consult with your PM or your agent for rent estimates?

Thanks,

West

Adam Bartomeo · Answer

Ask them to send you comps of the rent in the area. It doesn't take that much time for them to pull the information.

Denise Supplee · Answer

Hi @Jonathan Warner nice to meet you here on BP. Platforms like that are ok to start, however .more research is needed to get the real data. Common approaches include verifying price-change history on Zillow, checking ‘Rented’ or ‘Leased’ data on Zillow/Redfin, comparing active listings on HotPads or Facebook Marketplace, and looking at local Reddit or landlord groups to see what units are actually closing at. Consulting a property manager or agent can also help, since they often have the most accurate, recent data on what’s truly being signed in the area. I hope that helps!

Eric Gerakos · Answer

It's usually more useful to estimate rent.

Caleb Brown · Answer

Property manager is one of the best ways. Rentometer can be a OK gauge but as you mentioned you need to verify. You can also look at what's for rent around the property or in the zip code. See how long they are listed, how many contacts, etc.