Housing costs are definitely being called in to question nowadays. They’re fluctuating all over the place. I’ve read headlines that say “Housing prices on the rise” and “Housing prices hit all-time low” on the same day.

That makes for a lot of confused people, whether they are apartment hunting or putting property on the market. But never fear, Rentometer is here!

How to use Rentometer

Rentometer is a very simple online tool. Landlords and tenants can go to www.rentometer.com and plug in the property address and price to get comparisons. The Rentometer is specifically geared toward telling tenants if they’re paying too much and landlords if they’re charging too little.

After you plug in your information, Rentometer will tell you if your rent is too high or too low.  I can think of plenty of great uses for Rentometer.

Are you paying too much rent?

If you have had to take out payday cash loans to make rent before, this site can tell you if you’re paying too much. Perhaps you’ve wondered “Is my rent to high?” before. If you’ve got a lot of debt or feel like you’re living paycheck to paycheck, it’s good to analyze all of your expenses to find out where you can save money.

Of course, moving is a really big deal. But saving hundreds of dollars every month could also be a really big deal. Of course, you might want to know whether you’re paying too much rent just out of curiosity.

Are you charging too little?

I think the Rentometer will prove to be most useful for landlords. What if you’re a landlord and you could be making a lot more money on your properties? Rentometer knows the answers.

Of course, as a renter, I advocate that landlords keep rent low so housing is available to more people. However, I understand that landlords need to make money just like everyone else, so I hope this will help any landlords out there who are struggling to make ends meet.

Pricing your new property

If you are a new landlord, have a new property or just considering becoming a landlord, the Rentometer could be very helpful indeed. Before you list your property for rent on craigslist, in the paper or on a sign in the yard, check  out Rentometer to find out the price that will get you the most money and tenant applications.

Competitive pricing is key because it’s one of the main criteria renters look at. Price is right up there with location and size.

Change tenants, change rent?

Most landlords don’t hike up rent in the middle of a renter’s lease agreement, except in special circumstances. Most landlords do raise the rent, at least somewhat, whenever a tenant moves out and they are looking for new tenants.

However, this might be a great idea or a horrible idea. Any time you get notice that a tenant is moving out, it’s wise to double-check area prices before you go jacking up the rent all willy-nilly.

Why is my property vacant?

Of course, if you’ve got a property that has been sitting empty for a while, you probably already know that price is a factor. However, Rentometer can let you know how much or how little you should drop the price.

Of course, if your price is already low and you’re still not getting tenants, you should look at factors such as cleanliness, aesthetics and amenities. Also, you might just need to re-evaluate your marketing strategy.

Disclaimer

Of course, Rentometer is an overly simplified calculator. Rentometer only asks for price, location and number of bedrooms. It does not ask about actual size, whether there’s air conditioning, a washer and dryer, a dishwasher or a train nearby.

However, Rentometer is good for getting a rough idea. Just make sure you don’t leave your downtown apartment with a parking spot, hardwood floors and a balcony for a place out in the sticks with no laundry facility and dirty carpets.