Main Line Homes Blog

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Renting, want to know what is a fair rent?

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.

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

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Comment balloon 3 commentsNick Vandekar, 610-203-4543 • March 18 2007 03:59PM

Comments

Thanks for this tool!  That was freakishly accurate for my area!
Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) about 12 years ago

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

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) about 12 years ago

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.

Posted by Gerry Stephens - Central PA Real Estate Market (Wells Fargo) about 12 years ago

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