We renters don’t get many breaks. Oh, sure, we don’t have to worry about fixing our own toilets or maintaining our own lawns. We can clog our drains with reckless abandon, knowing that the maintenance guy will come over, have a good laugh at my lack of garbage-disposing skills, and all will be well.
But there’s a lot that’s not-so-great about renting, too. Rent is expensive. It’s hard to save money on rent. We’re usually at the mercy of our apartment’s management company. And don’t even get me started on our damn security deposits. Most of the time, the law favors landlords over tenants. We renters have to look out for ourselves.
And here’s one tool we can use to our benefit.
I just discovered Rentometer, a site that lets you check to see if you’re paying too much for rent. It’s very easy to use.
- Step one: Enter your address, monthly payment and number of bedrooms.
- Step two: Discover you’re being sorely overcharged.
Or maybe you’re not. I was surprised at my results. I thought I was getting a pretty good deal on my apartment. Turns out, I’m paying slightly more than average in my area. Consider my bubble burst. On the other hand, my apartment does have some pretty cool amenities. (But they now seem less cool.)
I should mention that the site doesn’t use the most scientific of methodologies. It simply rounds up average prices of others near you who have used the site, tells you the median and average rent they pay, and then figures out where you fall among those prices. You also have to consider the condition of the other apartments in your area. But I guess this is true for pricing rent in general.
If you’re shopping for a new apartment, negotiating your current rent, or even trying to price your own property for rent, I can see this tool being useful. Even out of sheer curiosity, it’s worth a look.
Managing your money is like going to the dentist or standing in line at the DMV. Nobody wants to do it, but at some point, it’s inevitable: you need to clean your teeth, renew your license, and manage your money like a grown-up.
I have used this website to check the rent on my rental property in the past. Seem to be good also comparing other rental houses to set the rent price.
Yeah, I like that it shows you the price at nearby places, too.
Just checked and it seems I pay about the median rent. It’s a useful tool especially when you try to negotiate your new lease rate. The rent prices are increasing a good amount where I am every year…hoping to buy a place soon.
Man I am so impressed with anyone who successfully negotiates their rent.
Well I don’t know about “successfully” but whenever I get a lease renewal with a rent increase, I send a letter saying how I’ve been a model tenant, never complaining and always paying on time, and I point out the problems with the apartment…they still raise my rent of course but they cut the rent increase by like $10-15 a month. Last year it was $2! Oh well…it’s something I guess.
Still impressive. I’ve always just assumed that the rate increase is a given. Definitely going to try this next time.
Thank you! What a great tool. I have been a renter for years and have moved across the country 3 different times- this would be really helpful when you don’t know the area. And I am pleasantly surprised to see my current rent a little lower than average!
Nice, Victoria! Glad you found it helpful!