Attention renters
We don't pay enough attention to renters. So today we're highlighting a new Web site for renters (and landlords) that deserves a little publicity. Zilpy.com, launched in late January, publishes average rents by neighborhood and unit size for the Boston area and other metros nationwide.
The site provides information in a “heat map” style similar to sites for homebuyers such as Zillow or Trulia. Unlike those sites, however, Zilpy doesn’t include listings. It’s pure context. But context is important. What renter hasn’t wondered how their monthly payment compares to the neighborhood average? What landlord hasn’t wondered whether they could make a little more each month?
The site was created by some Bay Area residents with technology backgrounds, advised by some people with real estate backgrounds, according to co-founder Yelena Drabkin. “We want to be a comprehensive analytical tool for the rental market,” she said.
How did they pick the name? "We don't have a story about the name. We just liked how it sounds and went with it:-)" Drabkin wrote in an e-mail.
The data on average rents is based on about a million listings as of last week, Drabkin said, gathered from online sources. Zilpy is talking with property management companies about providing the site with listings data directly. She estimates the site’s data includes about 75 percent of available listings.
The site also shows historical patterns based on a six-month archive of listings.







This is a pretty cool tool. We watched them in Beta as we were developing the new CondoDomain Boston. Zilpy is a company to watch (especially with their affiliation with Zillow).
My only question is about their data sources. There is no trackable database for rental listings in the Greater Boston market. Yes, some of them get on craigslist, some in MLS, some in the newspaper, etc... but there is no surefire way to eliminate the multiple postings of the same property on craigslist or know how much something actually rented for.
For sales the Registry of Deeds, MLS and others provide concrete numbers. There is nothing like this for rentals, so the data could be significantly flawed.
"significantly flawed"... just to think a little... if the advertised rent is lower than the lease.. I never heard to be even 5% lower... if you go to 10% ($100 of $1000/mo) then you have a serious issue. when you have hundreds of rental samples, the market median will play out nice even in the 5% range.
After all, the site gives you a very good idea on where to look as Renter or how much to ask for your rental if you are a landlord.
This blogger might want to review your comment before posting it.
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