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Renting, want to know what is a fair rent?

By
Real Estate Agent with Realty ONE Group Advocates 484-237-2055 PA License - AB067198

I discovered this web site over the weekend. I tried it on my own home and it seemed fairly accurate. But obviously you have to be your own judge. It has been going a little while, Zillow when it first launched was inaccurate and it has steadily got better, this might also have improved.

The site is http://www.rentometer.com/, just enter an address and a rental amount and it gives you a range of the lows and highs in the area and the median.

This would seem a useful site for landlords and renters as well. Hope it helps. If it is accurate for your area you may want to post a link on your web site.

Posted by

 

Nick Vandekar
Nick is a Tredyffrin Easttown Residential and Commercial REALTOR selling The Main Line, Chester, Delaware and Montgomery Counties.

Giving you the confidence to make
the right decisions.

225 W Uwchlan Ave
Downingtown , PA 19335
Office 484-237-2055
SellingTheMainLine.com
Mobile: (610) 203-4543 [call or text me]
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If you are buying or selling on or around
Tredyffrin Easttown or along the Main Line, 
I can help you, contact me.

Comments (3)

Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer
Thanks for this tool!  That was freakishly accurate for my area!
Mar 19, 2007 02:16 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

Renee,

Thanks for the feedback, i tried it on my own home, using a rent I know a local home rented for and yes it seemed very accurate. Obviously they have had enough feedback to make it accurate.

Nick

Mar 19, 2007 04:13 AM
Gerry Stephens - Central PA Real Estate Market
Wells Fargo - Harrisburg, PA

Thank you for this post.  This is particularly useful to me as using rent is often an offset to contingent financing.  The ways to make a deal non-contingent are as follows:

  • The borrower can afford both properties outright
  • The borrower has a listing agreement, rent schedule and 2 months PITI on the house they're buying
  • The borrower has a signed agreement of sale, commitment letter for their buyers and 6 month PITI on the house they're selling
  • The borrower has a Home Equity or Bridge Loan in place

This tool will in part take the guess work out of the Pre-Approval which would be done prior to the rent schedule.

Apr 05, 2007 07:36 AM