Have you ever thought you had a great deal on an apartment, only to find out that somebody was paying a lot less right next door?
Recognizing the range of rental values in your market enables you to better determine an appropriate rent to pay or charge according to your area.
Rentometer, the refreshingly simple tool provided by iiProperty, analyzes a property's rent by evaluating its location, number of bedrooms, and the size of its building. It compares your rent to those across the zip code, as well as measures it against comparable units in close proximity. It also briefly interprets the findings, like, if your rent is higher than is expected given the rents of surrounding units, they claim that you are paying too much unless your building is newer, in better condition, or provides more amenities.
Overall, this is an great, slightly-addictive way to gauge rents for a particular area and determine how much you should be paying or charging to live in a particular area. However, its comparison of your rent to others in the vicinity is limited and I think that people would benefit from a map-based search tool with more listings... something like HotPads!
Return to the Renters Guide