Wondering if Rentometer is still a viable option for 2023? We did an in-depth review of it and covered the best Rentometer alternatives.
Table of Contents
- 3 Challenges in Real Estate Investing in 2023
- What Is Rentometer?
- Rentometer Alternative: Our Top Picks
- Final Judgement
If you’re considering investing in real estate, you must be able to access the most accurate data possible to ensure that you will be making money from your undertaking.
Of course, keeping up with the ever-changing real estate industry can be challenging, so investors seek out various platforms to assist them in making informed investment decisions.
Rather than keeping numerous spreadsheets and manually updating the data regularly, there are investment property analysis websites that keep and update all of the data for everyone. Such platforms assist investors in navigating the complex world of real estate data analytics.
One of those platforms is Mashvisor. Such real estate software and calculators are quickly becoming a must-have tool for future investments. A real estate app’s primary goal is to make the process easier, provide accurate data, and save investors time.
We’ll look at a few sites like Rentometer in this article, and then we will see what the best Rentometer alternative (with the highest accuracy) in 2023 is.
3 Challenges in Real Estate Investing in 2023
While many professionals predicted that the pandemic would cause the real estate market to undergo a contraction, it did not occur. On the contrary, we saw one of the hottest housing markets in years since the onset of the pandemic in early 2020.
What is more, low availability, rising property prices, and fluctuating mortgage rates drove away many first-time buyers. Moreover, the impact on investors varied by target market, financing choices, and prior property investment history.
Most crucially, the deceleration of house price increases will likely allow new purchasers with lower budgets to enter the market in 2023. Nevertheless, the housing market in the US is not expected to crash in the next year or two.
However, as is usually the case, various local markets will perform differently, so investors must keep a close eye on the place in question. Continue reading to discover the major challenges for real estate investment in 2023.
1. Economy and Inflation
Given the complexity of supply systems, the pandemic was a supply shock with significant inflationary consequences. Overall consumption rebounded quickly, assisted by government policies, but was distorted compared to pre-pandemic levels.
Ultimately, customers replaced eating out (non-durables spending) with furniture purchases (durables consumption).
Durable goods consumption was over 40% greater than pre-pandemic levels by April 2021, but non-durables spending was only 14% higher. Moreover, shipping prices for durables are significantly higher now and will continue to increase in 2023.
The above pandemic economic shocks pushed inflation substantially over the Fed’s declared target of 2%. Now, inflation is on its way to reaching levels not seen since the early 90s, and it can significantly impact every industry, including real estate.
2. Consumer Spending
The mentioned difficulties directly impact consumer purchasing, whether it be product pricing, accessibility, or even how goods are bought, online or in person.
What is more, with the ongoing uncertainty creating major obstacles, the overall effect on real estate can be larger than if the systemic instability did not exist. Basically, the longer it takes to regulate the economy, the greater its potential impact on the industry.
Other factors increased employees’ wishes to work on a hybrid schedule, as the shift to the suburbs, smaller towns, and destination areas grew.
In addition, we are facing surging inflation, increased interest rates, rising housing costs and rents, and uncertainty surrounding education and childcare. All of them contribute to the desire for hybrid work arrangements and moving to smaller, less expensive cities.
Furthermore, the collapse of job centers, restaurants, and the retail industry, rising crime, and higher taxes raise worries about living and working in urban areas.
3. Imbalance in Housing
Several reasons led to the recent shortage of new supply, including land availability and rising land, workforce, and material prices. In addition, there is a rise in regulatory barriers, such as more fees or slower and more difficult qualification procedures.
The pandemic and its consequences significantly influenced housing demand. As per Pew Research, many young people (52%) lived with one or both parents in the summer of 2020, during the peak of the pandemic—the highest percentage since the Great Depression.
On the other hand, single-family constructions were barely under the long-term average of one million units annually and far below the record of 1.6 million in 2006.
Overall, more than four million additional rental units will be required by 2035 to meet the rising demand, according to GlobeSt.com. Basically, the US urgently needs both rental and for-sale homes in desirable areas.
In the end, companies, leaders, and legislators must work together to foster an environment favorable to the construction of a diverse range of housing units at all price ranges.
What Is Rentometer?
Rentometer is a website that allows users to browse specific neighborhoods in order to calculate the average rent price for rental homes in that region. To use the platform, simply enter the home’s address, specific characteristics such as the number of bedrooms and bathrooms, and the monthly rent you are asking for or intend to offer the property for.
The search engine will compare your listing to other listings in the region. It helps to evaluate whether or not your listing price will be a strong competitor in the area compared to other listings.
Rentometer Pro Features
The Rentometer Pro includes the following features:
- Summary statistics
- Number of bathroom filter
- Average rent by bedroom chart
- Rentometer API
- Property report and others.
One of the primary functions of the Rentometer platform is to provide a comparison of rental listing costs in different neighborhoods. It obtains the data with which they compare your rental property from unidentified websites or from user-generated reviews and polls.
While some of the information may be correct, it may not be as dependable as information found on reputable rental property websites. That’s why we need to find the best Rentometer alternative.
As for the Rentometer cost, the platform is available in three plans: Free, Pro Basic, and Pro Standard. The Free plan lets customers view for seven days the most basic information about rental listings. At the same time, the Pro Basic version includes additional tools, such as the Rentometer property report and Rentometer rent analysis.
Rentometer Pro costs between $79 and $200 per year, depending on the level of service you choose (Basic or Standard).
Unfortunately, there are currently no reviews on G2 for Rentometer. So, it would be best to explore the platform through its free trial.
Related: Rental Comps: What Are They and Where Can I Find Them?
Rentometer Alternative: Our Top Picks
Rentometer is useful for obtaining basic real estate data. However, it may not provide you with what you’re looking for, or you may simply like to learn about other sites like Rentometer. The following are a few noteworthy examples and one best Rentometer alternatives.
Keep in mind that you should be focusing on your real estate needs and demands, and find the best Rentometer competitor according to them.
Zillow is an online platform for real estate and property marketing. It enables people to sell their properties on the platform immediately. It entails selling your home either through a Zillow Premier Agent or directly through a network that links millions of buyers worldwide.
Internet entrepreneur Rich Barton founded Zillow. He was determined to make a difference in the real estate market, which led him to locate its corporate headquarters in the core of Seattle’s Russell Investment Center. At the moment, the company is making a good impact on its customers, propelling it to the forefront of the real estate industry in the US.
Interested parties must meet specific requirements to accomplish the desired purpose of buying and selling property on the platform. Several rules and regulations must be followed or implemented while listing homes. It means the site will accept listings for residential properties only.
Sellers cannot advertise homes constructed as commercial real estate, which covers commercially zoned structures, vacation rentals, and part ownership properties. Before an auction can be listed, it must be confirmed via the auction-specific stream.
Syndicated listings must be updated directly from the source to ensure they appear on Zillow within the next day. You may always visit their listing feed for the most up-to-date information and stay informed about newly available properties. With Zillow, you can obtain any information regarding the value of your home.
The platform’s database comprises up to 110 million homes in the US. You can use Zillow to purchase, sell, lease, renovate, finance, and engage in a variety of other real estate-related transactions.
When it comes to Zillow reviews, it is rated 3.8 out of 5 stars on the G2 platform.
Rent.com is a patented Rentometer alternative platform that links people to a property they’ll be happy to call home. Whether you’re looking for an apartment or a house, Rent.com carries a long history of verifying listings from reputable areas. The company is committed to connecting individuals worldwide interested in renting a property.
Rent.com’s smartphone app is the most useful aspect of the platform—it is compatible with all Android and iOS smartphones. It serves as a way to check each open listing within a given locality quickly. All major credit and debit cards and bank transfers are accepted as modes of payment.
Individuals over the age of 18 are permitted to transact or contribute to Rent.com. The platform also offers a variety of off-campus housing options for students seeking a study-and-play atmosphere. So even if you’re a first-time renter in the neighborhood, it can help you prepare for a stress-free property hunt.
Mostly, Rent.com focuses on listing service features: listing syndication and listing management portal.
RentPath, LLC, operates Rent.com—they also run other real estate platforms, including Rentals.com, ApartmentGuide.com, and LiveLovely.com.
And when it comes to Rent.com reviews, this Rentometer competitor is rated 3.5 stars out of 5 on the G2 website.
Trulia is another Rentometer alternative portal that provides services such as Real Estate Market Search, Houses for Sale, Houses for Rent, and other services to users. In addition, Buyer Guides, Seller Guides, and Renter Guides are also available for interested parties.
The company lists more than one million houses for sale on its platform, with more than 35 categories and custom keyword search options accessible to users. It also monitors neighborhoods and emphasizes community details. Moreover, the Zillow Group operates Trulia.
Some of Trulia’s features are the following:
- Mortgage Calculators
- CRM Integration
- MLS Integration
- Advertising and Marketing Tools
- Listing Syndication, and many others
The platform displays prices based on the specifications. Furthermore, it displays the area’s school ratings and crime percentage, which is almost correct. Because the app is not always updated, it is possible that some houses are already booked.
You may also look outside of your present location. The “Save Home” function is handy for compiling a list of postings for a simpler decision-making process. Moreover, when looking for a certain location, it displays a map of listings for houses both inside and somewhat outside of the intended area.
Some users would like to see a more in-depth picture requirement for listings on Trulia that includes the inside, appliances, and neighbors. Moreover, they report that some listings might be a bit misleading. Users would also appreciate the ability to explore “private listings” rather than “company listings.”
Regarding the Trulia reviews on the G2 website, it is rated 3.2 stars out of 5.
Related: How to Conduct Neighborhood Research Before Buying Rental Property
Another Rentometer alternative, Motovo, is a real estate marketplace that allows consumers to look for their perfect home or obtain information about the cost of their dream property.
In addition, the company employs agents ready to assist you in making your ideal home a reality. Since its beginning, it’s been delivering a solid data pipeline based on its MLS relationship in over 49 states across the US.
Established in 2003, Motovo is managed by Motovo, Inc. The platform currently attracts over 350,000 daily visitors who are looking for open houses, neighborhoods, comparable homes, and other information.
The company’s mission is to favorably impact the real estate sector through client communication technologies, adaptive AI technology, and a dedicated team of salespeople and transaction planners. It takes pride in more than 31,000 sold houses and 100 million home searches and is licensed to conduct business in all 50 US states.
Motovo’s accurate smartphone app makes it simple to look for available properties. The software offers a neighborhood tour, school information, market trends, real estate advice, and demographic data.
To arrange a meeting with a real estate agent, simply open the app, and you will be provided with all the necessary information. To become a registered member of Motovo, you must be at least 18 years old.
Unfortunately, there are currently no reviews on G2 for Motovo. So, it would be best to explore the platform through its free trial (if it’s still available).
As the best Rentometer alternative, Mashvisor is an Airbnb data analysis platform that assists real estate investors in identifying the best offers and ensuring a high return on investment.
It is helpful in searching for both long term and short term rentals, making it a handy tool for most investors. The platform includes a wealth of precise market data and analytic capabilities that enable you to make sound investing decisions.
Among the services that Mashvisor users enjoy are the following:
- Calculate the cash flow potential of investment properties
- Discover the best real estate investment strategy and new investment opportunities, especially those that are significantly undervalued
- Conduct an analysis of the performance of several markets
- Enhance the performance of your real estate portfolio and cash flow
Click here to try out Mashvisor’s Property Finder!
Mashvisor provides information about the different types of investment properties, including short term rentals. Among the information that you may rely on are the following:
- Investment property research tools: search engine and Property Finder
- Rental analysis
- Neighborhood analysis
- Rental comparables and several reports
- Mortgage and finance calculator
- Real estate heatmap
The Mashvisor dashboard consolidates all your data in one accessible location, allowing you to focus on your business rather than analytics. Many claim that when they use Mashvisor for their research needs, they can focus more on building their business.
The platform’s investment property calculator tool assists investors in determining the profitability of their investment property. The calculator comprehensively examines an investment property and provides customers with dependable and precise real estate data analytics, including:
- Return on investment
- Cash flow
- Cap rate
- Cash on cash return
- Occupancy rate
- Rental income
All of the above factors assist investors in fine-tuning their calculations to ensure that their investment properties are profitable in the local market.
While Rentometer focuses exclusively on comparing rental listing costs, Mashvisor’s real estate heatmap tool displays listing prices from different regions and the most profitable neighborhoods and locations. Hence, investors know precisely where to invest.
In addition, the software allows investors to conduct a neighborhood analysis in order to focus on a lucrative location. As a result, Mashvisor’s heatmap tool and calculator are ideal for investors looking for an area to invest in that guarantees a high rate of return.
Related: 5 Steps to Conducting an Accurate Rental Market Analysis
So, what is the best Rentometer alternative for 2023? After our thorough research and review, the answer is Mashvisor. The company offers a wide variety of tools to satisfy the needs of real estate investors.
In comparison, Rentometer essentially provides a service for comparing listing prices. While it offers options for comparing rental listings, investors will still need to check other websites to get more investing tools and services.
Also, Mashvisor is very transparent about how it collects data for its analysis. Additionally, it only uses data from reputable sources to inspire trust from potential real estate buyers and sellers. The company enables investors to focus on their investments while keeping track of their data. Oh, and yes—Mashvisor is very easy to use and affordable.
You can find out immediately what type of profits you can expect from a property and what you need to do to excel in the rental market. The best part? Your potential three months of research turns into 15 minutes with Mashvisor’s tools.
Regarding all the Rentometer alternatives, Mashvisor is the only one that offers a lot of features at an affordable price. Moreover, its wide range of tools helps simplify the process for individuals interested in real estate investing.
What is more, Mashvisor is really direct with its clients. It informs consumers of the sources of the data used in their research. Therefore, investors can depend on the accuracy and reliability of the company’s data in order to make informed investing decisions.
With our platform, you no longer need to conduct your own research—we do it all for you at an affordable price. Our platform gives you access to over 450,000 listings, and just 15 minutes of research can provide you with all the data you need to purchase your next property.
And for all of the reasons stated above, Mashvisor is also the most reliable real estate calculator in the US market. Most significantly, it gathers data from several reliable sources before using AI-powered algorithms. Furthermore, it covers all US markets as well as both rental methods.
To get access to our real estate investment tools, click here to sign up for a 7-day free trial of Mashvisor today, followed by 15% off for life.