Seattle–Zillow has launched “Rent Zestimates,” a tool that can be used as a starting point for determining a home or apartment’s estimated monthly rent price, expanding on Zillow’s Zestimate home valuations. The company says the tool will provide estimated rent prices for more than 90 million homes and apartments across the country.
Seventy percent of people who move each year are renters, and, according to a recent survey by Ipsos, 61 percent of current renters who were polled do not research fair rent prices before signing their lease. In combination with additional market information on rentals, Rent Zestimates can help renters determine a fair rental price and negotiate before signing their lease.
Information is especially hard to come by for “accidental landlords,” who represent one-fourth of respondents who are homeowners intending to move in the next three years and who are considering renting out their home, according to the survey.