Question: I’m looking for a rental, but I’m not familiar with the market. How do I know if the advertised rent is too high?
The Rental Girl: Just like purchasing a home, the value of a rental is subjective and is based on what any given renter at that moment is willing to pay. There are many factors at play: supply and demand, amenities, square footage, layout and very importantly, what feelings the home elicits. For this reason, it is very difficult to measure a rental’s value based on photos and an ad description. Also, there is no comprehensive database available to search rental comps – to see exactly what properties rented for. There are many websites available that will tell you what the average rent is – but these are based on asking prices on active listings, not the negotiated lease amount on rented units. Still, viewing the average rent amount in a specific area will help you determine if you are paying too much or just the right amount.
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