How Accurate Is The 2% Rule?

[David Lowe]

I have been reading about the 2% rule but seriously questioning its accuracy. I got a great deal on a house in a desirable area of Austin for $297k. The rental we are getting is high ($2500) for the area. However, according to the 2% rule, the rent should be $5940. I don't know many places in New York where you would pay that for a comparable property. What % have you found when dealing with rentals?