It's important to know how your rent compares with surrounding properties. Whether you're looking to simply gauge how you compare, or you're looking to make a strategic rent increase (for current tenants or during a turnover), Rentometer can get you the information you need, quickly. Here's how:
- Use Rentometer Pro to run a Neighborhood Report. Get a sense of the area, look at average rents by # of bedrooms. Scroll down this report and look at the listings we've used for the analysis. If you're familiar with the area, try and orient yourself, and use one of our listings as a benchmark to compare the other listings. For example, maybe you know that "100 Bridge Street" are new luxury apartments with lots of great amenities. If your rental is older, with less to offer, you likely won't be able to ask the same amount in rent. Try and find buildings or units that you know are in the same general condition as yours, with similar square footage, etc. If you're not familiar with the area (maybe you are looking to invest in a property in a new neighborhood or another state), reach out to local realtors or business owners in the area to get a sense of the types of buildings or new construction in the neighborhood. Use the information you gather in conjunction with our data to get the best sense of the local rents.
- Next, run a report from our homepage, entering your specific property address, or a near by property that you know. Look at the details of the listings (size, # of beds, baths, listing date, etc.). How does your property compare? How does your rent compare? If you can't get a sense of the neighboring properties, look them up on apartment listings sites (i.e. apartments.com) to see if you can gather more information and/or view pictures, etc.
- Lastly, review any Rentometer rental listings that you see on our maps. They are marked by a small orange circle pin. By clicking on these listings, you can see more detailed information and photos of the properties which will give you a better sense of how your property and rent compares. Interested in listing your properties on Rentometer? Learn more here.
We know that increasing rents is only one of many ways to increase revenues at your rental properties, but you should compare your rents a few times a year to consider a strategic increase. In steady rental markets, you just might find there is plenty of room to increase your rent a small amount each year (1%-3%) while remaining competitive. To learn more about Rentometer's data, and product offerings, click here.