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Are Your Rents TOO High?

By Diane Rice

Real Estate Broker/Owner with Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL 481.010183

July 14, 2009 01:29 AM

Stumbled upon a CNN featured clip of one of Clark Howard's shows about rent prices. In the feature he introduces the "RENTOMETER" which analyzes rent prices according to the area.

Submit inquiry as either as a tenant or landlord, show the address, City, State, amount of rent, and apartment size. Find out if you are on the low end or high end! Have fun with it! The algorithm they use is supposed to keep the area searched as relevant as possible.

Caution: If entering info as a Landlord, you will be encouraged to sign up for their Property Management services. Check it out! Are you HIGH or LOW?

All feedback accepted!

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Anthony & Diane Rice, Broker/Owners of Rice Property Management & Realty, LLC., a Commercial & Residential Property Management & Real Estate company services Northwest Indiana and South Suburban Illinois. Their second company, Rice & Rice Painting & Carpet Cleaning shares the same service areas.

16262 PRINCE Dr South Holland IL www.862RICE.com 708-862-RICE, 708-596-RICE RPM@862RICE.com

"Where the RIGHT Price is the RICE Price!"

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Fran Gaspari

Patriot Land Transfer, Inc. - Limerick, PA

"The Title Man" - Title Insurance - PA & NJ

Diane,

I tried the rentometer for an apt I rent out...only 1% of the people pay less than my tenants...!!! Good deal...!!! :^) Thanks, Fran

Jul 14, 2009 03:16 AM

Diane Rice

Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL

SFR, SRES, CNC

Fran! Then you are on the high end! Cool little tool isn't it? Thanks for trying it out!

Jul 14, 2009 04:54 AM

Marchel Peterson

Results Realty - Spring, TX

Spring TX Real Estate E-Pro

Diane, It sounds like a cool tool for figuring rent. So how are you by the way!!

Jul 14, 2009 03:36 PM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Diane that is a neat little tool. I will have to go to that site later tonight and play around with that. Thanks.

Jul 15, 2009 04:12 AM

Marchel: BUSIER than EVER... which is why you have not seen me. I made this quick post just to get this little gadget out... just HOW does one keep up?

George: Yes, it's neat for renters as well as owners/managers.... let's you see just where you are in pricing with everyone else in the area. I see you are still up and running.... just HOW do you and Marchel do it???????

Jul 15, 2009 04:50 AM

Wallace S. Gibson, CPM

Gibson Management Group, Ltd. - Charlottesville, VA

LandlordWhisperer

Works for apts with plenty of comps; however, CL search is better for SFRs. Just like we used to use print media, Craigslist for last few days gives better comps for single family homes....In our area, the window is closing on renting homes because school starts the 3rd week of August so many property managers are reducing rent NOW to that prospects are lured to homes that are currently vacant. Many faux property management/agents are taking their quoted rents from their seller/property managers which have no basis in reality.

Jul 16, 2009 04:44 AM

Hi Wallace! This meter actually was intended to track apartment rents and not SDRs. As you stated, CL is much better for rents closest to market amounts.

Jul 16, 2009 12:32 PM

Brad Calef

Coco Plum Realtors - Key Colony Beach, FL

Very intersting stuff here, I am looking forward to trying it out.

Jul 25, 2009 02:48 AM

Brad: Good - have fun with it!

Jul 25, 2009 03:48 AM

Jennifer Fivelsdal

JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY

Mid Hudson Valley real estate connection

Diane this sounds like a tool that will be used alot. I am sure you will be keeping tabs on it.

Aug 02, 2009 04:48 PM

Hi Jennifer, it's another piece of useful technology that saves folks from having to their own research. I posted it here for more exposure.

Aug 07, 2009 12:50 AM

Robert Machado

HomePointe Property Management, CRMC - Sacramento, CA

CPM MPM - Property Manager and Property Management

We use Rent O Meter, Craigslist, and Rentals.com for comps. Any site with lots of inventory works.

Aug 07, 2009 05:17 PM

Are Your Rents TOO High?

Comments(12)

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