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:
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.
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.
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.
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.
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.
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.
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