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RentCast Review 2024 – Maximizing Rental Property ROI

Learn more about RentCast and if it's the right software platform for your rental property investing business.

Real estate investors, landlords, and property managers are in the business of cash flow and profitability. However, maintaining these core metrics is often easier said than done when dealing with multiple properties in different locations.

One way to guarantee a higher return on investment (ROI) for your rental properties is by charging rents that are aligned with current market rates. 

Property owners who charge $200 below market rate will miss out on $2,400 of yearly rental income, which means it’s crucial to know where rates are for rental properties in your area.

A popular new software tool that can help investors maximize their ROI on rental properties is RentCast. Let’s dive in to see how RentCast works and if it’s right for you.

What is RentCast?

RentCast helps property managers and investors boost their profitability and attract more renters with their proprietary software.

RentCast is a cloud-based software platform designed for rental property owners and real estate professionals. 

The company started in 2020 and is led by an experienced team of real estate investors and engineers who previously worked developing another real estate software platform, DealCheck.

Tens of thousands of real estate professionals currently use RentCast for its wide array of features (which we will get into shortly). RentCast has a free version where users don’t need to create an account to access property information in addition to a paid plan for advanced features.

RentCast’s founders say the motivation for building the platform is to give real estate professionals access to property and rental data for smarter-decision making. The goal of RentCast is to allow rental property owners to optimize their portfolios and maximize their profits.

Who is RentCast For?

RentCast isn't for everyone. Find out if you should look into this powerful software solution for real estate.
Let’s find out if you should invest in this powerful platform.

RentCast is a platform designed for those involved in managing rental properties and collecting payments from tenants. Here’s exactly who RentCast is for:

  • Real Estate Investors: Investors will find RentCast extremely useful to assess the potential profitability for investments in different areas. They’ll also be able to use RentCast to evaluate property values and avoid risky investments.
  • Landlords: RentCast is useful for landlords who are looking to find the optimal pricing strategy for their rental properties. Landlords need to stay competitive in the market and don’t want to risk losing out on valuable rental income.
  • Property Managers: The platform also allows property managers to monitor rental rates and market conditions in real time. Using this data, property managers can make smart decisions about property improvements and maintenance to increase the value of their investments. 
  • Real Estate Brokers and Agents: Brokers and agents will also find lots of value with the RentCast platform by offering enhanced services to their clients with detailed market data. RentCast’s market insights give brokers and agents a competitive edge in negotiations and help to build trust with clients. 
  • Real Estate Companies: Beyond real estate brokers and agents, companies can use RentCast to identify new markets that show potential for growth and expansion. 

RentCast Features

Are you looking to use a platform with advanced features and capabilities? Property managers and investors will find that Rent Cast can make a huge difference in their business.

Now that you understand who should use RentCast, it’s time to talk about their features and why RentCast is so popular. 

Researching Rental Rates

RentCast’s flagship feature and main selling point is the ability for investors to research rental rate data for different property types. The feature allows real estate professionals to compare current and historical rental rates in an effort to make informed decisions about their pricing strategies.

RentCast’s users can navigate property data based on location, property size, number of bedrooms, and a host of other filters. This information makes it easy for landlords and rental property owners to figure out how much they can rent their property to stay competitive in the market.

Locating Rental Properties

The platform also gives users the ability to locate rental properties and identify new investment opportunities. Their database currently hosts over 140 million residential and commercial properties in the United States and is constantly being updated with new property information.

Users can also flag certain properties that look like promising investments and generate reports to compare their potential for profitability.

Analyzing Market Trends

Another core feature of RentCast is its ability to analyze market trends in any given location. Users can use RentCast to find data in local neighborhoods for investment opportunities as well as zip codes to get an idea of broader trends in the area. 

Market trends are also available with historical data. For instance, investors anticipating a market downturn can filter the data to show rental rates and property data in 2009 immediately after the financial crisis. This information can give investors insights into possible future trends and help to adjust their strategies when needed.

Creating Comprehensive Reports

As we mentioned, RentCast makes it very easy to generate reports on market data for yourself or to share with clients and partners. 

RentCast’s reports are visually appealing and can be a great way to add value to your clients or enhance your lead generation efforts. 

Real-Time Alerts

The final main feature of RentCast is the ability to set rent alerts that notify investors of major changes in rents in their area. These alerts come in handy by telling investors that it’s a good time to raise your rates based on current market trends.

In addition to rent alerts, RentCast will also notify users about recent listings, local market news, and updated rent estimates for their properties.

RentCast Pricing

Rent Cast has a free subscription model in addition to its paid plan at $12 per month.

One of the best parts about the RentCast platform is the fact that plenty of their powerful features are available for free without a subscription. The free version includes nationwide rent pricing data, five nearby rental comps, five saved properties in your portfolio, rent alerts, and market updates.

To get the full benefits of RentCast, you’ll need their Pro plan which is billed at $12 per month on an annual subscription. New users can start their free trial before committing to the yearly plan to get a feel for the features and interface of RentCast. 

RentCast’s Pro plan includes:

  • Nationwide Rent Prices
  • 20 Nearby Rental Comps
  • 50+ Properties in Portfolio
  • Rent Alerts & Market Updates
  • Rental Market Insights
  • Market Performance Trends
  • Custom PDF Report Branding
  • Sending Notifications to Others

Is RentCast Right for You?

RentCast is a relatively new platform that is gaining traction in the real estate investing space. There’s no doubt it’s a powerful tool that investors, property managers, agents, and landlords can use to stay competitive in the market and maximize the potential for their rental properties.

RentCast’s free version makes it a no-brainer, while the Pro plan’s advanced features are well worth the small cost of $12 per month. 

However, users should keep in mind that there’s no mobile app for RentCast and property managers may need additional software tools for rent collection and tenant screening purposes.

Related: How to Maximize ROI in Real Estate

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