One of the most challenging parts of investing in the real estate rental market is determining how much rent to charge and if the rentals you are charging, or want to charge, are too little, too high, or just right. While most individuals focus on the location of their rental, its size, amenities, and appearance, the rent you charge may be the most important deciding factor of whether it is a smart investment.
There are several information sources and tools accessible on the internet nowadays to assist you in researching the right levels of rent to charge. Rentometer, an online resource for researching comparable rentals in an area for properties of your kind, size, and appearance, is one of these tools. But how accurate is Rentometer, and should you invest in it if you’re a landlord wanting to rent out your property?
This review will go over Rentomer to see if it really is the best real estate platform out there.
You’ll learn whether real estate is the right online business for you.
And at the end, you’ll find answers to some of the most frequently asked questions regarding Rentomer and real estate in general.
But most importantly, you’ll see the exact system many others have used to build their own internet marketing business to over $40,000 a month in mostly passive income.
This system made them swear off real estate for good, because it uses some of the same skills but in a much more powerful and profitable way!
Rentometer is a market rent comparison site that allows you to compare rentals for properties in your neighborhood or elsewhere in the United States fast.
Input the property address, the monthly rent amount, and the number of bedrooms in the rental unit. Rentometer will then compare this to its database to see how this property compares to other similar homes in the area.
You receive a short summary of a property as well as some useful visual assistance.
While the product is simple in nature, it is available in several variations. The basic tool only evaluates rentals, but the Pro edition contains additional extra functions that may be useful to landlords or tenants.
The basic rent estimate on Rentometer calculates rent costs based on location and unit size. Then it estimates the market rate for you.
A simple study will show you how many rentals with a comparable number of bedrooms were rented in the last year within a one-mile radius of the provided address. It also displays the mean and median rentals.
Rentometer also gives you an idea of the range of rentals in the region. You get the top and lower rent numbers for 80% of the rentals and another set of higher and lower rent data for 60% of the rentals.
The outcomes are shown in an easy-to-read dial style. If the needle is in the green zone, the rent you entered is on the low side. Meanwhile, in case the needle has gone into the red, the value is too high.
If you need a fast snapshot, the basic Rentometer analysis is an excellent place to start. To go even further, paying subscribers can view a Pro Report.
The Pro Report allows you to search for rentals in periods other than the previous year, such as the recent three months. You may also change the search radius from one mile to something else.
You may also search by ZIP code or neighborhood in this enhanced version. You may narrow the results by listing age, building type, and other information like square footage, the number of bedrooms and bathrooms, and dollars per square foot.
You may create a print-ready Pro Report. Alternatively, you may save the findings as a standard CSV file to import into Excel or another spreadsheet application for additional study.
This feature makes it easier to analyze a list of properties by address. You may receive a CSV file with rental data by bedroom type for each address on the list simply by submitting a list of addresses.
The Portfolio Analysis identifies five different floor plan categories, ranging from studio to four-bedroom houses. While the basic rental analysis is free, Pro Reports are available with both free and paid memberships.
The cost of each Portfolio Analysis is $49. This is valid for up to 500 addresses. For $99, you may examine up to 2,000 addresses.
The answer is Rentometer Express! The app is totally free.
Rentometer Express is a simple application that may assist anyone in learning more about rental prices in a given region. To begin your search, all you need to do is download the free app. Enter an address, the rent price, and the number of bedrooms you’re looking for, and the app will handle the rest.
Rentometer receives a 5/5 rating today because they give accurate, dependable, and easy-to-understand statistics for landlords who want to assess the communities in which they work. The information they give may be quite useful for determining rent and making purchasing decisions, thus their product has some actual worth.
Rentometer’s dependability may be called into doubt by many property owners because the firm offers comparative data after you submit only three pieces of information: your property address, the monthly rent amount, and the number of bedrooms. As many property owners are aware, there is a lot more to calculating a property’s rent than just three data factors.
As a result, the information and statistics provided by Rentometer cannot be considered credible if you are searching for highly detailed, 100 percent exact data. There’s more that goes into deciding what an appropriate level of rent for a property should be, such as the number of bathrooms, the square footage, the type of property, whether pets are allowed, the age of the property, what amenities are provided and included, if appliances are on site, the length of the year, and the available parking.
Without taking all of these elements into account, it is difficult, if not impossible, to offer an exceptionally accurate depiction of what the rent should be.
Rentometer is an online resource that analyzes rent differences in a specific area using proprietary technologies. With over 15 million rent comparison reports produced, the firm claims to be the go-to source for reliable rent data for apartment, condo, and house rentals.
Rentometer is a straightforward internet resource. To get comparable rentals in your region, simply input your property address, the number of bedrooms in your unit, and a monthly rent range. The site will then compare your data to other listings in the region similar to yours and provide you with statistics and visual data to show you how your property and rent compare to other homes like yours.
Rentometer is a Boston-based company. It was purchased in April 2012 by an ownership group led by Mike Lapsley, a veteran of the rental housing sector. According to its website, the business is the primary sponsor of the Independent Rental Owners Committee, a subset of the National Apartment Association.
Rentometer claims that its reports are selected using proprietary technology and data, but they don’t disclose much information about where they acquire their data. According to the business, it gets data from a number of sources, including mass syndicated data, its own proprietary rental data via surveys, and user-generated information.
Rentometer collects data from around the country on a daily basis. Because much of this data is based on rental ads, it represents rental asking costs more than actual rentals collected by landlords.
Rentometer offers three free reports to each of its members. After that, the firm compels customers to join up for a premium Pro membership, including an infinite amount of reports, more data points, and more detailed information.
Rentometer claims to gather data every day and to utilize only the most recent data in the reports it generates for customers. For example, there may be several data points on a single property, but only the most data is presented in the reports. As a result, Rentometer “resets” every day.
Rentometer offers a free trial to all users, with everyone receiving five free Pro Rent reports. The firm provides a paid Pro service for individuals who wish to run additional reports or dive down further to get more information on rental pricing on similar properties to yours or in your region.
Rentometer Pro provides unrestricted access to property reports, batch analysis, neighborhood search, Zip code search, custom report branding, rent analysis reports, and map representations for $99 per year. Furthermore, the Pro plan includes sophisticated reporting features such as a one- to four-bedroom summary report, rent analysis report, professional print formatting, the option to download to Excel, and more detailed property details than the free version.
The Pro package is also available on a monthly basis. This option is $29 per month and can be canceled at any time.
In case you didn’t know, there are a handful of additional innovative (and somewhat strange) methods to use Rentometer.
Rentometer offers a spot for you if you’ve exhausted every other listing platform on the internet and are seeking for yet another free location to advertise your rental on the market.
The listing structure isn’t especially attractive or remarkable, but it does help your home stand out for anyone browsing for properties on the Rentometer website.
But I’ll be honest… I spent many minutes looking for rental postings on the Rentometer website and couldn’t find a single one. The best I could find was their Classified section, which didn’t have a single listing but was FULL of odd Craigslist-style advertisements for local businesses and services.
So, how useful is this web feature? In my opinion, that isn’t worth bragging about.
Rentometer also offers a free widget that you may use on your website.
Why would you want anything like this on your website?
Well… I suppose only you can answer that, but you know who you are.
Rentometer has you covered if you need a simple, foolproof solution to provide market rents by zip code.
Finally, Rentometer has an app for iOS devices (at the time of writing, it does not appear to be accessible for Android smartphones).
It’s free, as you might think, and there’s not much to it.
Simply input your address, rent amount, and the number of bedrooms, and it will tell you where your specific property stands (based on their rent estimates, anyway).
The rent you charge your tenants should be a proportion of the market worth of your rental property. Based on average rent prices, landlords charge rentals ranging from 0.8 percent to 1.1 percent of the home’s worth. If your house is worth $100,000 or less, it is ideal to charge rent that is close to 1% of its value.
How much should you budget for rent? Experiment with the 30% rule. The 30 percent rule, which says that you should spend about 30 percent of your gross income on rent, is a popular rule of thumb. So, if you make $2,800 per month before taxes, you should budget for $840 in rent each month.
Yes, you can make money with Rentometer.
There’s a lot that comes along with real estate that many people struggle with.
Now, don’t get the wrong idea…
It’s not impossible to make money with real estate, but if you’re gonna put in the amount of grueling work to do this business (which, trust us, isn’t easy), you might as well bring in some REAL money while you’re learning the ropes.
The program that helped skyrocket many online businesses to over $40,000+ per month is so simple that making money really does become second nature.
Rentonmenter is not a scam. It’s an invaluable tool for real estate investors and real estate agents.
It is entirely possible to build a profitable, successful real estate business… But there are better ways to build a business other than with real estate.
Because unlike Rentomer, it actually provides real proof of real success from real people as recently as a few days ago.
Rentometer is a legitimate site that can help property managers.
Where this Rentomer falls short is in scalability. Because in order to make a good amount of money with real estate, you have to own several different houses.
And who has that kind of capital to start?
But what if you went local?
With Local Lead Generation, you will be getting service requests from multiple sites at every minute of the day from people who are willing to pay a lot of money for what you can provide them.
I was watching a YouTube video once where the host made a comment that it isn’t about making a lot of money from one website… it’s about making a little bit of money from lots of different websites.
So, think of it this way….
What if you could have streams of investment income where you operated 10 rental units that you could charge anywhere from $750-1,000 per month?
That’s $7,500-10,000 per month in passive income!
What If You Invested Into 100 Rental Units?
But instead of spending $Millions to build houses or apartment complexes… you spend a couple hundred dollars to build websites.
You then get those websites ranked in the search engines for specific home-based services that customers are searching for.
Next, you offer your lead generation system to local business owners who are looking for customers and are willing to pay you for their information.
You’ve just created a Digital Real Estate Investment Empire that is potentially earning you 4-5 figures in PASSIVE INCOME on a monthly basis without spending a single dime on ads.
With conventional digital real estate, you have to compete with thousands, if not millions of others who are selling the SAME product to the SAME customers.
Once the training program is completed you will also have access to a Facebook group much better than the Rentomer group in our opinion. This group is much more active.
Unlike Rentomer, where you’re profiting maybe $250 per property, you could be getting 5-10X THAT.
With Local Lead Generation, the competition is virtually nothing and your profit margins are 85-90%.
Now, I could go on and on, but I’m sure you have tons of questions about how to create Digital Real Estate assets and start building YOUR digital empire!