What is it RentCompare?
RentHop RentCompare is an interactive tool that allows renters to compare a rental price across the average rent for that room size and neighborhood. RentCompare puts the power back in the renter’s hand to help them visualize where they stand at any point in their current rental market.
After collecting data for over a decade, RentHop can provide real-time analyses of rental prices compared to similar properties in the area.
How to Use RentHop RentCompare
To use RentHop RentCompare, input an address or neighborhood into the “Your Address or Neighborhood” bar, select the appropriate bedroom size from the dropdown bar, and include a rental price. The tool will then indicate if that rent is over or under the average rental price for that bedroom size and neighborhood and provide more information on historical rental trends in that area
You can use this tool to compare rental prices with the city’s data. For example, if you’re on an active lease, you can input your current address and rental information into the tool to learn more about your rental behavior. You may also input information for a potential apartment you’re considering renting or touring to determine if that new apartment is a strong match for your budget.
After inputting your information into RentHop RentCompare, the tool will tell you at which percentage you’re underpaying or overpaying for rent compared to comparable units in your neighborhood. When available, the tool also displays a graph of average rental prices in that neighborhood from years ago through today.
What Does Underpaying Mean?
Underpaying for rent indicates that your rental price is below the average for apartments in your neighborhood with the same bedroom size. If you negotiated a lower rental price for a longer lease, have a small amount of square footage, or received a concession for renting during the slower winter season, you may pay less than the average rental price in your area.
Underpaying for rent may motivate current renters to renew their lease or inspire renters searching for apartments to sign a new lease on rent with a lower-than-average rental price.
What Does Overpaying Mean?
Overpaying for rent indicates that your rental price is above the average rental price for apartments in your neighborhood with the same bedroom size. If your apartment has plenty of amenities like a doorman and roof deck, or if you rented during the busy summer season, you may pay more than the average renter.
Overpaying for rent may inspire some renters to find a new apartment to save money. However, some renters may take comfort in overpaying for rent if they have the budget and also the desire for amenities. Those who pay a higher price for a fitness center and in-unit laundry, therefore, will not pay for a gym subscription or laundry service.