Profile picture for HNS11

How are rent rent estimates derived? How accurate and reliable are they.

My mother passed away in 2004 and left us 4 siblings 2 rental properties (attached houses.  These have been managed by my sister, who lives nearby.  I live in Boston.  I have asked about the general maintenace costs of the property and amount of the rental income, but continue to get no response.  I am about to make a trip to find out first hand from the tenants what they are paying in rent.  So,is your estimate fairly accurate, how often is it updated (when was last time estimate was updated) and is the estimate reliable

  • February 08 2012 - Borough Park
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Answers (3)

I would not rely solely on rental estimates obtained (on line) there are some problems in the the way information is factored. What you may want to do is contact a few local brokers give them the size and any improvements that were done to the apartments and you will get an estimate of what rents should be. Understand however that the tenants may not be paying Market rent due to longevity of their tenancy or if the apartment is part of any type of city or state assistance programs that is information you will need to obtain if the Home is above a legal 4 family residence.
Good Luck
  • February 08 2012
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Sounds like it is as about as reliable as the buying Zestimates.....
  • February 08 2012
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Profile picture for Don Greenberg
Zillow rent estimates unfortunately are all over the place. Here in Florida a majority of the time they are low, but this isn't the case all the time.  Remember this is just an estimate. I would contact a local management company and ask them what they would think. I am sure they will help you out relatively quickly at no charge.

  • February 08 2012
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