Profile picture for RussHatfield

Announcing Zillow Rent Zestimates!

When Zillow introduced Zestimate home values in 2006, it empowered home buyers, sellers and owners with information that had never before been easy to access. Now, we're bringing valuable new information to renters and landlords with the launch of Rent Zestimates. Rent Zestimates are estimated monthly rental prices for specific homes or apartments, and can be used by renters and landlords as a starting point to determine a fair rental price.

Information about fair rent prices has been hard to come by for renters. Nearly two-thirds of renters do not research a fair rent price before signing a lease, according to a Zillow/Ipsos survey. Renters make up 70% of movers every year, and Rent Zestimates help them make smarter decisions about where they live.

Rent Zestimates are also a valuable tool for landlords. Customized information can be hard to find, especially for small landlords – including the one-fourth of homeowners intending to move in the next three years who are considering renting out their current home (Zillow/Ipsos survey). Rent Zestimates give landlords a starting point for a rental price, customized to their specific home.

You will find Rent Zestimates under the "Charts and Data" section for a specific home, on the Search page for Rental listings, in the header for specific Rental listings and Zestimate homes, and on HDPs on Mobile.

For more information on Zillow's Rent Zestimates, please see our Rent Zestimate FAQ.


Thank you for using Zillow!!
Russ
Zillow Customer and Community Support

  • March 10 2011 - US
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (31)

Great feature, thanks!
  • March 10 2011
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Profile picture for wetdawgs

Excellent feature.    More than once when we've had to move for business, I've noodled with renting the mansion while we're off in strange parts.  This will help our noodling should the unfortunate reality of moving again come up.

  • March 10 2011
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Thanks for the feedback. I'm very psyched about this feature -- I know that I'll personally use it a lot.
  • March 11 2011
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Profile picture for smithmj
Frankly from my observations I have found Zillow estimates to be wildly inncorrect and useless to the point of being hilarious. I've read the disclaimers and I understand the issues involved, but am not convinced. As an example, the rent Zestimates for my home is $1812. It was built in 1939 and if marketed for sale would be as a teardown, for the value of the lot and has a tax valuation of $281,550.   For the next door neighbor's built in 1997 with a tax valuation of $1,095,830 the supposed rent would be only $1,145.
  • March 11 2011
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Awesome...thank you!!
  • March 23 2011
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Great new feature.  Thanks for implementing.
  • March 23 2011
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Profile picture for Dawn Thomas
What a great tool, thanks!
  • March 25 2011
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Profile picture for Al McCaw
This is an awesome benefit at Zillow! I always direct all of my "rental friends" to check out Zillow first to see what the going rate is. It's always nice to have an extra tool to compare what's out there.
  • April 19 2011
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With the sale price Zestimate inaccurate in many cases,  I have my doubts as to how they are going to provide a Zestimate of rent prices since there is no public record for rent information to base their estimate by.

It's a great feature and I do hope it works out for the better.

Guess we will have to wait and see.

Howard
  • April 20 2011
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Profile picture for TeamSandyBlanton
I didn't know about this feature... very useful. Thanks for sharing!
  • April 22 2011
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Profile picture for blue screen exile
It is kind of sad that we can no longer see the Zestimate nor the Rent Zestimate on "for sale" properties on the search results list and now must open each property home details page individually.
  • April 22 2011
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This is a great feature.
  • April 22 2011
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Great Feature it has help me like crazy
  • April 27 2011
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Great Feature I was very excited to see it.
  • May 07 2011
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Profile picture for kassrose
Not only will this help renters find out if they are getting a good deal.  But, it will also assist landlords in getting quicker returns on their investments.  

By far the MOST IMPORTANT message would be for BUYERS, to understand the rental market before they buy.  Why?  Because, if something happens in the next 5 years, THEY must know if the rent will cover their mortgage or if you will be forced to sell.  My first time buyers, investors and landlords don't get emotionally attached to the home.  They look for good cash flowing opportunities, even when they are choosing to live in the home.  Plan your exit before you buy!  It's not about the house, it's about the deal.  
  • May 09 2011
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Profile picture for Sharon Lewis
Cool, will be interesting to see how it plays out.
  • May 10 2011
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This is a very great resource for struggling homeowners that are in the process of a short sale and need relocation options.  Great job Zillow, a tremendous tool that I have let my clients know about on several occasions. 
  • May 17 2011
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Profile picture for RenTec
Russ, this is an excellent addition to Zillow.  I've used Zillow for years both on workstation and mobile for quickly reviewing details for home purchases.  The other side of my business is dealing with rentals and helping property managers with their rentals through our software applications.  This tool is a fantastic addition.  We're also excited to be linking in with Zillow's feeds for this.  Way to go!
  • May 23 2011
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I am a property manager and have managed hundreds of homes. I love the idea, but so far most of the rental prices I've seen in my area are far too high. I read that Zillow draws their information from many different public sources and mixes it into their secret sauce formula. My belief is that most of their data is being pulled from various Homes for Rent websites, meaning homes that have not yet been rented, meaning these are the prices that owners WANT for their homes, not that they are necessarily getting. In my area, if you actually want your home rented to a good tenant within a month's time then you will usually need to lower the rent by $100 or more than what is listed here. However I have seen it accurate just a few times. I hope the accuracy gets better, but just keep the above in mind.
  • May 25 2011
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can't be any worse that the way they value homes for sale ... what a joke, I'd rather see zillow as a place for the public to ask questions but the whole idea of Zillow figuing out the matrix of a lifetime to get this area right is just a joke... has been for a decade now... no correct numbers... joke
  • May 26 2011
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Very helpful!  Thanks!
  • May 29 2011
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Profile picture for DennisA
The rent zestimate is ridiculous. I own a three unit building in Boston's Dorchester area and zillow lists the total rent of the property at $1,500. I actually get $1,500 per unit. I emailed Diane Tuman of zillow and she confirmed that the rent estimate is for the entire three units in the building.
That would mean that I only get $500 per apartment. You can't even rent a room in Boston for that much less a three bedroom apartment near the train station. I looked to see if it was just my three family but lo and behold, zillow has all three families listed way too low.
All one has to do is look on craigslist and see that all the apartments in the area list about $1,500. not much research is being done here in Boston.
  • June 04 2011
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This is absolutely Awesome!

  • August 20 2011
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Profile picture for JennyGar
Yeah, I like this.  But I don't think it accounts for the love that we put in.  Just kidding :).
  • December 29 2011
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I think this is great but I can't find rental history for a particular area.  I am looking for three-year pricing trends.  Is this not available becuase this is something new to Zillow? 
  • January 19 2012
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Profile picture for blue screen exile
The rent Zestimate trends on the home details pages go back to about October 2010.  They are modeling to rental listings in the area on Zillow.  Not actual rent amounts.  And definitely not rents for the same units.

The rent Zestimate is fairly new, and the rental listings is also relatively new.  And without data, there is no modeling.

You might check the U.S. Census Bureau website, but they tend to give the data every 10 years.  But that is down to the Census Block Group level.  There are also some other Census surveys that give supplemental data in between.  census.gov

You might also check the bls.gov to get the housing sub-data from the consumer price index.  That is updated regularly for major metropolitan areas.

And then, there are often many rental "management" companies in an area, some of them often having a large percentage of the market share of the rentals.  You could contact them for typical rent history data.
  • January 19 2012
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Awesome feature! Will be used in 2012!
  • February 01 2012
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Profile picture for jonathan427466
I share the sentiments of some previous posters here as regards the Rent Zestimates..... "Frankly from my observations I have found Zillow estimates to be wildly inncorrect and useless to the point of being hilarious." "The rent zestimate is ridiculous. I own a three unit building in Boston's Dorchester area and zillow lists the total rent of the property at $1,500. I actually get $1,500 per unit." I own four-unit income property with virtually a 100% rental rate and long-term tenants. I receive $5170/mt in rent. Zillow's Rent "zestimate" is $1335/mth. That ridiculous estimate is not just "incorrect" it is almost criminal in the damage it does to my ability to attract any potential buyers. Were I looking for a $700K income property and saw a rental income of $1335 I wouldn't look any further. If I saw $5170/mth I would want to investigate further. The Rent Zestimate may be a good idea on paper but it's horrific inaccuracy makes it the most damaging aspect of many zillow listings. Fix it or give the landlord an option to proves its inaccuracies or tale the damn thing off the website.
  • February 07 2012
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We are a Professional Property Management firm with hundreds of single family properties in the Charleston SC market, and have been managing rentals for 20+ years. I find that the rental Zestimates are fairly accurate. There are a couple of areas that are way off, but most are accurate. Used the function today to check on 16 different communities, and all but one was accurate. I use this function when listing a property for rent, and find that mostly the rental Zestimates match the rest of the research. Never rely on only one source. Check several sources, then don't use the one that is inconsistent with the rest. Happy Renting!
  • May 22 2012
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In most cases I  find the rental Zestimates to be quite accurate , usually no more than 10% one way or the other.

an aside note..although I don't typically broker residential property, if I did, I would use the rent to own comparison when speaking to buyers on the benefits of owning versus renting.

I routinely use it when showing new investors the benefits of investing in income producing property.
  • June 26 2012
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