Are rent prices in Zillow and Rentometer accurate is the question this week for Ask Landlord Hank. Remember Hank is not an attorney and is not offering legal advice. If you have a question for him please fill out the form below.
Hi, Hank,
Do Zillow and Rentometer avoid the recent rent-setting issues in the industry?
Or do they also fall under that illegal collusion problem you highlighted in your article, thanks.
-Mary
Hi, Landlady Mary,
I see Zillow and Rentometer as tools and opinions I can use to see what these sites think are market rents.
I’ve found that Zillow’s rent estimate is not very accurate, and I don’t use Rentometer.
When I want to determine market rent I look at all the rentals near my target property that are the same in as many respects as I can find. and see what has rented for how much over the last six months.
What has actually rented is a better gauge, in my mind, of market rent.
Actively marketed properties that haven’t yet rented could have dream rents or hoped-for rents rather than market rent.
I also like to start advertising before the tenant has moved out IF I can determine how long it will take to get that unit market-ready and make sure the tenant will be agreeable to showings.
Most leases require tenants to allow showings, but sometimes it doesn’t work out that way. If you advertise at market rent or slightly below, you should be able to rent your place quickly.
Tenant screening is paramount, so take a good tenant or wait until the right one comes along.
Sincerely,
Hank Rossi
 Each week I answer questions from landlords and property managers across the country in my “Dear Landlord Hank” blog in the digital magazine Rental Housing Journal.   https://rentalhousingjournal.com/asklandlordhank/
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