Rent estimates are calculated based on a variety of features. Namely, property characteristics like square footage and number of bedrooms. Geographical considerations like neighborhood location and quality as well as distance of property from points of interest. Finally, market data points such as historical rent trends, unemployment rates, crime levels and school rankings all go into determining the final estimate that can help a landlord determine what the rent rate of a rental home should be.
Rent estimate reports are accurate relative to the data that is used to compile the report. The real question lies in the freshness of the data that is used to calculate the estimate. Most rent estimate reporting tools are pulling data from listing sites and public records that may or may not be current. Because of that reality, the rent estimate reports generated through RentSpree provides rental data for information purposes only. The materials and the rental data are not intended to constitute, and in fact do not constitute financial, investment, tax or legal advice. Any reliance on or other use of such materials and/or rental data by you is at your sole risk.
Accessing a rent estimate report is an important tool to use as you gauge your potential profitability as an investment property owner. The report can serve as the cornerstone of creating positive cash flow and return on investment (ROI). It also can equip landlord/property owners with key information that can keep vacancy rate low and impact the property's refinancing potential.
A rent estimate tool is what is used to produce a rent estimate report. A user simply needs to enter some basic property details into the tool to generate the report. There are websites that have a free rent estimate tool or have a free version that will produce a limited rent estimate report. Conversely, you have sites with rent estimate tools that require payment but will produce a premium version of a rent estimate report with much more robust detail and information.