How Reliable is Rent-o-meter

[Patrick Kelly]

I've been looking at how to determine rent for a property that is being rented under market value and after I have purchased and rehabbed it. A lot of people say craigslist, but someone recommended rent-o-meter. I'm wondering if anyone has used it and how accurate it is, specifically for units in triplexes and quadplexes.

[Jeff Bridges]

Rentometer is helpful to visualize rent comps as close as possible to the subject property, or do a quick analysis on a neighborhood I'm not familiar with. The caveat is it's really is just another source to confirm the trends you see in your neighborhood. Journalists and researchers use multiple sources to verify facts and trends and you should do the same, leveraging Craigslist and MLS if possible. Downside to rentometer is you can't see the original listing or property type or condition to compare apples to apples down to finer detail beyond bedrooms. Your agent can also help you pull rental comps and current listings for the neighborhood that do a better job showing the historical rental data and current competition. That is a gold mine when you are finally ready to purchase a rental and want to make a final analysis prior to making an offer or make a rental listing.