What is Rent Zestimate?

A Rent Zestimate® (pronounced Zest-ti-met, rhymes with estimate) is Zillow’s estimated monthly rent price, computed using their proprietary algorithm. It is a starting point in determining the monthly rental price for a specific property. The Rent Zestimate is pulled from public property data and similar local properties listed for rent. There may be special features, locations, and market conditions our algorithms have not taken into account. Variations in the rental price can also occur because of negotiation factors, special incentives, and the length of the lease. You can supplement Zillow’s information by doing additional research such as: 

– Talking to a local real estate agent, or property manager that specializes in the type of rental you’re interested in.
– Compare rental to other nearby apartments and homes for rent rental listing sites
– Visit the rental (if possible)

What’s the Rent Range?

The Rent Range, which is related to the Rent Zestimate, shows the high and low estimates an apartment or home could rent for. The Rent Range can vary depending on the historic ability to estimate similar properties. A wider range would indicate less rental data or more price fluctuation. A smaller range means the data available is plentiful.

My Rent Zestimate seems too low or high

The Rent Zestimate is intended to be a starting point in figuring out the fair market value of your rental. For one thing, the amount of information and data they have affects the Rent Zestimate accuracy. If your property facts are incorrect, it will affect your Rent Zestimate. However, you can update them at any time which may affect your Rent Zestimate.

How does the amount of data affect it?

It affects it a great deal. For example, the number of rental listings in a geographic area affects how much we know about prevailing rental prices in that area for apartments and homes. The more rental listings we have, the more data we have to work with and the more accurate the Rent Zestimate will be. Also, we use public data for house attributes, and some areas report more data than others. The more attributes we know about homes and apartments in an area (including yours), the better the Rent Zestimate. Remember that homeowners can also update their home facts if they feel they are incorrect, and that could affect the Rent Zestimate.

How is the Rent Zestimate computed?

Zillow computes this figure by taking public data and rental listing data and entering them into a formula, creating a “proprietary algorithm” — big words for “secret formula.”  Currently, Zillow has data on 100 million homes and we calculate a Rent Zestimate on 90 million of those homes. 

Why do I see rent amounts from the past?

They not only have Rent Zestimates for apartments and homes that are now for rent, but have gone back in time to generate historic Rent Zestimates as well. This allows you to see how an apartment or home’s fair market value has changed over time.

How accurate is it overall?

Accuracy depends on the accuracy and abundance of the property data. If the home or apartment attributes are inaccurate, the estimate will be as well. Additional data is used from public records of similar properties. Zillow has done the legwork to gather all of this data from many sources and has created something unique – a rental estimate of an apartment, home, condo, or townhome.

SIGN-UP FOR PAYRENT

Start collecting rent online in less than 5 minutes.
  • Control when and how renters pay you
  • Automatically remind tenants when rent is due
  • Accept bank transfers and credit cards
GET STARTED FOR FREE

**Blog Article Disclaimer*

This blog article is provided for informational purposes only and does not constitute legal advice. The content is intended to offer general information and should not be relied upon as a substitute for professional legal advice tailored to your specific circumstances.

While we strive to keep the information accurate and up-to-date, laws and regulations are subject to change, and the legal landscape may vary based on jurisdiction. Therefore, we make no representations or warranties regarding the completeness, accuracy, reliability, or suitability of the information contained in this article.

Reading, accessing, or using the information provided in this blog does not create an attorney-client relationship between the reader and the author, and any reliance on the information is at your own risk. If you require legal advice or assistance, it is crucial to consult with a qualified attorney who can consider the specifics of your situation and provide advice accordingly.

The author and the platform disclaim any liability for any loss or damage incurred by individuals or entities as a result of the information presented in this blog. We recommend consulting a legal professional before making decisions or taking action based on the information provided in this article.

This disclaimer is subject to change without notice, and it is the responsibility of the reader to review and understand the disclaimer before relying on the information contained in the blog article.

PayRent is on a mission to build a rent collection app that fosters a positive and productive relationship between renters and landlords. We focus less on transactions and more on the people behind them.

pay

Subscribe to Our
Email Newsletter

Receive timely and relevant articles directly to your email inbox.
SUBSCRIBE
You can unsubscribe anytime.
We respect your privacy
close-link

SIGN-UP FOR PAYRENT

Start collecting rent online in less than 5 minutes.
  • Control when and how renters pay you
  • Automatically remind tenants when rent is due
  • Accept bank transfers and credit cards
GET STARTED FOR FREE
close-link

Discover the Truth About UFOs

Top secret documents reveal ET encounters the government has been hiding
freshmarketer CTA
SUBMIT
close-link

Donate Today

To the Center for Kids Who Can't Read Good
LEARN MORE
close-link

Protect Yourself From Robots

Smart seniors get their robot insurance from Old Glory Insurance
freshsales CTA
SUBMIT
close-link

Interested in PayRent?

Get a custom price quote when you schedule a demo.
*We won't share your information outside of our company
REQUEST A DEMO
close-link

Protect Your Evictions

PayRent gives landlords the control to block
all or partial payments from their renters.
LEARN MORE
close-link

Protect Your Privacy

PayRent allows landlords to accept payments without
ever sharing their personal information with tenants.
LEARN MORE
close-link

Automatic Rent Reporting

PayRent reports rent payments to
all 3 credit bureaus at no extra cost.
SIGN-UP FOR FREE
close-link

Track Renter’s Insurance

Require Insurance and Track Documents with PayRent
LEARN MORE
close-link

Accept Credit Cards

PayRent makes it easy for Landlords to accept
Bank Transfers and Credit Cards.
SIGN-UP FOR FREE
close-link

Save Time With PayRent

Automate invoices, payments, receipts, late charges
and credit reporting with PayRent
LEARN MORE
close-link

Find This Useful?
Share it!

Like and Follow Us on Your Favorite Social Platforms
close-link
0 Shares
Share
Share
Tweet