Originally posted by @Marc C.:
Caution about RentoMeter: It's a collection of what other landlords who visited the site SAY they are getting for their rentals. So, one could easily "spam" it by saying repeatedly that you are getting $1500/mo. for a 4BR when in reality you are getting $1300. After enough spamming, RentoMeter would show a higher "average" rent.
But still, it's a pretty cool tool when you verify it's results with those on other sites.
I agree with you here, however, rentometer is just an aggregator. It takes info from sites like Zillow, Rent.com, Trulia, Craigslist and others and puts everything on a map. It is the asking price of the rental, not necessarily what it goes for. In my experience in the markets that I operate in it is accurate.
I tend to not only look at the average, but also the median to see if things are skewed one way or another.
Real Life example:
I recently rented out my property for $1125. Of course it had the upgrades I mentioned (tile, granite, upgraded baths, etc) and it also had a large 2 car garage where others in the area have been converted.
Good luck and let us know how we can help!
