I read a pretty interesting article today about Zillow offering a "Rent Zestimate." Similar to their "Home Zestimate", the Rent Zestimate will provide an estimated monthly rent payment. Based on the fact that 75% of tenants don't negotiate their rent, Zillow feels their Rent Zestimate will be fairly accurate.
This is going to be a great tool and resource for us as Realtors to use. I know I sometimes have difficulty coming up with a rental price because the MLS isn't flooded with rentals. I typically go to Craig's List to get a better idea of what an area is bearing for rental prices. I'm looking forward to what Zillow has to say for our market area.
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