Great Tool for Renters and Landlords
I came across a great tool for renters and landlords today, called Rentometer. Rentometer lets you enter your monthly rent, along with some other information, and then it tells you if you’re rent is above or below average for your area.
Renters can use this as a tool to decide if they want to renew their lease when it comes due. You might even be able to use it as a negotiating tool, if you don’t want to move, but think that you’re paying too much rent.
photo credit: digiart2001
It’s also useful for first-time renters. After you’ve been given a rental price by a landlord, check it out on Rentometer to find out if it’s a good deal or not.
Landlords can also use Rentometer. If you’re thinking about raising the rent, you can use Rentometer to see what the average monthly rent is in the area around your property. That way, you know what the market will allow, and you won’t inadvertently raise your prices so high that you start to lose tenants.
Similarly, if you’re already finding that you have an unusually high number of vacancies, you can use Rentometer to find out if you’re charging too much for rent. If you are, you’ll be able to see the average for your area, and lower your rent accordingly (and, hopefully, attract more tenants).
Unlike a lot of similar tools, Rentometer isn’t limited to American cities. In addition to the US, you can also check rents in Canada and London, England.
For contracts and information about renting and leasing, visit our Leasing and Real Estate section.