Online real estate hub Zillow launched a new tool this week that can be used to determine a home or apartment’s estimated rental price per month.
Rent Zestimates, the online tool and application, allows users to peruse more than 90 million rental homes and apartments nationwide. The tool can be used by both landlords and home-seekers to aid in the rental process.
Zillow cites figures indicating that 70% of people who move each year are renters, and more than 60% of current renters do not research fair rent prices before signing their leases. Rent Zestimates seeks to improve that research process and help renters determine fair rental prices. On the leasing side, the service aims to help “accidental landlords” who are homeowners intending to move in the next three years and who are considering renting their current home.
“Buyers and renters are not exclusive categories—many people are considering both options when shopping for a new home. Similarly, many would-be sellers in today’s housing market are considering whether to become landlords rather than sell at a loss,” said Zillow CEO Spencer Rascoff. “We created Rent Zestimates to empower people with information and data to make the right real estate decision for them.”
Rental listings have appeared on Zillow since 2009, but the new service goes a step further to assist in determining fair pricing.
For more information, visit Zillow.com.
Written by Elizabeth Ecker