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Old 05-18-2012, 03:58 PM
 
16 posts, read 50,475 times
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How accurate are the Zillow Rent Zestimates? Are they an accurate indicator on what rents should be on a particular property?
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Old 05-18-2012, 11:47 PM
 
Location: Southern California
3,114 posts, read 7,877,313 times
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Think of Zillow's rent estimate as kind of an average for similar homes, in that particular area. Their algorithm uses a proprietary formula, so we don't know exactly what is considered, but basically if other two-bedroom houses are renting for $X in a specific area, then it assigns that number to all similarly-sized two-bedroom houses in that area. But, what if a particular house is on a really busy street? Or it has a big garage, and is on a nicer lot? Or it has a huge kitchen and a pool and a guesthouse? Or it's on a street that has a really bad reputation for crime? There are so many variables which can cause the actual rent for a house to be higher or lower than the average.

So yeah, the estimates on Zillow are sort of interesting if you just want a general idea about an area - but they shouldn't be taken seriously, if you're looking at a specific house.
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Old 05-23-2012, 06:37 AM
 
171 posts, read 1,492,254 times
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Quote:
Originally Posted by CosmicBlue View Post
How accurate are the Zillow Rent Zestimates? Are they an accurate indicator on what rents should be on a particular property?

Zillow is notoriously inaccurate with its flawed zestimate algorithm. What is worse is they refuse inputs from owners to make the rent zestimate more accurate and therefore more useful. It is time that Zillow was subjected to Regulation as they have demonstrated that they cannot be trusted to act in a fair minded way, and are causing havoc to both the rentals market and housing market with their nonsense valuations.
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Old 05-23-2012, 08:02 AM
 
28,461 posts, read 78,578,082 times
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Default Not even close...

Their "alogorithm' for rents is WORSE than they valuation model, and it should come as no surprise because in pretty much every part of the country there is LESS transparency about rents. Fact is only the MOST DESPERATE landlords will resort to publicly stating the minimum rent they'll accept. With that as a "floor" the fools at Zillow then probably try to correlate data from already deeply inaccurate data stores of property values. Since that data store is sorely lacking in details that are vitally important to renters (like how many beds/baths/ parking spots/ garage spaces come with a property and even relatively easy to determine info like what SCHOOL ATTENDANCE AREA a property is in the overall effect is to make the "rent estimate" worse than useless -- if they want to survey landlords and renters they could build a useful tool but the morons are only in it for the clicks and that is the fundamental problem that will never make Zillow more than one big joke...

Quote:
Originally Posted by bouncethelight View Post
Think of Zillow's rent estimate as kind of an average for similar homes, in that particular area. Their algorithm uses a proprietary formula, so we don't know exactly what is considered, but basically if other two-bedroom houses are renting for $X in a specific area, then it assigns that number to all similarly-sized two-bedroom houses in that area. But, what if a particular house is on a really busy street? Or it has a big garage, and is on a nicer lot? Or it has a huge kitchen and a pool and a guesthouse? Or it's on a street that has a really bad reputation for crime? There are so many variables which can cause the actual rent for a house to be higher or lower than the average.

So yeah, the estimates on Zillow are sort of interesting if you just want a general idea about an area - but they shouldn't be taken seriously, if you're looking at a specific house.
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