Bestplaces.net - How reliable is the data?

Question

How accurate is Bestplaces.net for predicting the market rent for a particular area? What has your experience been? It's easy enough to look on Zillow and Craigslist to see competition, but what I see listed on these sites are much lower than what is listed on Bestplaces.net Was just wondering what everyone else's take is.

Robby DeNicola · Answer

Sorry I failed to mention if you click on housing stats and scroll down they have a chart that gives you the average rent for various size units. I believe this is more specific for the particular town, than the "average rent by bedroom size" which I think is just a regional estimate. Let me know if this seems more accurate. Thanks!

John T. · Answer

@Robby DeNicola

I reviewed Bestplaces.net.  You did not state the manner in which you were acquiring the "predicted rent for a particular area."  Therefore, I looked at the section entitled, "Average Rent by Bedroom Size."  In my opinion, the "Average Rent by Bedroom Size" reported by Bestplaces.net is not very accurate at all.  I reviewed the "Average Rent by Bedroom Size" for my area on Bestplaces.net.  Note that Bestplaces.net does not distinguish between Class A, Class B, Class C or Class D houses.  Bestplaces.net reported that three bedroom homes in my area rent for $2,000.  Based on my experience, three bedroom Class B homes in my area rent for $1,425 to $1,500 per month, more or less. So, Bestplaces.net wildly over estimated the rent in my area for Class B homes through Class D homes.  Note that there is a very wide spread in rents for Class A homes in most areas.  For instance more Class A homes in an area may rent for $3,000 to $3,500 per month, but some Class A homes might rent for $5,000, $10,000, or much more.  I get better results using Zillow or the local MLS because I can see the actual asking price for rents on roughly comparable properties.