RentBits, a search engine specifically focused on helping find apartments and houses for rent, has released a new feature that allows users to see the average and median rental prices of properties in 4,000 cities across the United States. With this information, RentBits proposes that prospective renters will be able to use the information to better negotiate, and that apartment owners will be able to better price their properties to fit the current market conditions.
The site has analyzed 7 million of the rental entries in its database, compiling historical graphs displaying the general pricing trends in each region (unsurprisingly, few of them seem to be heading upwards). Users can choose to view averages related to the entire market, and can also narrow it down by the number of bedrooms they’re looking for (there’s also an option for houses for rent).
The service could definitely come in handy when you’re looking to establish a ballpark range for what you should expect to pay for an apartment, but I question how useful it is for large cities, where rental prices vary widely by neighborhood. For example, the median price for a one-bedroom apartment in San Francisco is $2049 according to RentBits, but I suspect there there is a significant price difference for an apartment in Nob Hill versus the Tenderloin. The company says that it will introduce searching within neighborhoods in the future.
RentBits launched in March 2008, and is headed by ex-Googlers Dan Daugherty Tim Moynihan.
Pretty neat website
In this crises, you can walk around any corner and find an available apt or home
2000 bucks for a 1 bed apartment. I’m swimming to Oakland.
Nice one… I didn’t know that site…
Great site for getting average rentals, there is a big need for that for property managers.
rental prices are so down these days that you don’t require any stats
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Worthless in most cases without a neighborhood search, as you mention. I’m currently shopping for an apartment in Chicago and it’s worthless for me to see the city average.
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Average by city? What’s the point? Seriously, what use is that information besides as a broad economic indicator?
Wow, this is a great piece of information. That RentBits has analyzed 7 million of the rental entries in its database, compiling historical graphs displaying the general pricing trends in each region is TRULY AWESOME. Thanks for bringing this to our attention. It’s a great piece of news.
Agreed — worthless without neighborhood search. Also, I question a lot of the data — e.g. Brooklyn 3br avg. rent fell from $7500 to $2000 to $6000 over the course of 3 months. Yeah, right.
RentBits should be applauded for atleast coming up with the idea. It is a good start for our industry as Landlords and Property Managers.
I agree that until the database is divided further into neighbordhoods such as Dayton- Ohio then further divided into North Dayton, South Dayton, East Dayton and West Dayton, the average rents will not be as usefull as they could be.
I think these two men will get it refined where it will be really good tool for potential renters and landlords!
Does this really create additional value for a consumer looking for an apartment? …probably not.
Will it help generate some buzz and land a post in TC? … looks like it.
Well done RentBits.
I really like http://www.apar...entratings.com/ , it provides stats as above in additon to feedback from residents and security data through UI mashups
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Get lost