1. What is Rent Estimation?

Rent estimation calculates a property's expected rental value based on comparable properties in the same market area, adjusted for differences in features and amenities.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Comparable Rents — Actual rents of similar properties
• Feature Adjustment — Percentage adjustment for differences in features (positive for better features, negative for worse)

Explanation: The calculator averages comparable rents and adjusts for feature differences to estimate a property's rental value.

3. Importance of Rent Estimation

Details: Accurate rent estimation helps landlords price competitively, tenants assess fair market value, and investors evaluate property income potential.

4. Using the Calculator

Tips: Enter at least 3 comparable rents from similar properties in the same area. Adjust the feature percentage based on how your property compares (e.g., +10% for better amenities, -5% for fewer features).

5. Frequently Asked Questions (FAQ)

Q1: What makes a good comparable property?
A: Similar size, location, age, condition, and amenities. Ideally within 1 mile and rented within the last 3 months.

Q2: How accurate are rent estimates?
A: Estimates are only as good as the comparables used. More similar properties yield better estimates.

Q3: What features should I consider adjusting for?
A: Square footage, number of bedrooms/bathrooms, parking, outdoor space, appliances, and recent renovations.

Q4: Should I use asking rents or actual rents?
A: Actual rented prices are best. Asking prices may be inflated and don't reflect market reality.

Q5: How often should I re-estimate rent?
A: At least annually, or when market conditions change significantly (new developments, economic shifts).