January 28, 2016

Craigslist & Zillow Rental Comps for January 2016

After checking rental comps on Rentometer.com I've decided to stop using that service.   Their data seems stagnant (at least for 3 of 5 of our properties.)     I'm going to now instead use Zillow.com and Craigslist.com to check rental comps.

Here's the Zillow :

Zestimate
A $1,500
B $1,400
E $1,675

Here is Craigslist :

sample median 10% floor
A : 3 bed house 31 $2,000 $1,300
B : 3 bed house 59 $1,450 $900
C : 1 bed apt 87 $620 $525
D: 1 bed apt 171 $700 $495
E : 3 bed house 33 $2,200 $1,500

This is the first time I'm checking rental comp from these sources so theres no previous data to run comparisons on.

For Zillow I just check the Rent Zestimate figure for the single family homes.

Checking comps on Craigslist is much more involved.   I have to pull up the housing search, center the property and search for the number of bedrooms.   Then I also limit it to similar style properties (houses vs apartments) and designate if we do or don't take pets.   Then I have to do a little trial and error to see where the median and bottom 10% rent levels fall.  I look at the total number of properties for rent and then find the price level below which 50% and 10% of the listings fall.  For example if there are 59 units then I try and find the price point where ~30 are above and blow for median and then about 6 units are below for the bottom 10%.

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