Automatically determining market rental rates for properties
First Claim
Patent Images
1. A method for estimating a market rental rate for a home located in a specific geographic area, comprising:
- retrieving data for the specific geographic area, the data comprising a plurality of entries each for a home located in the specific geographic area that was listed for rental after a specific date, each entry indicating (1) a rental listing price for the home, and, (2) values for each of a plurality of attributes including (a) rental attributes, (b) property attributes, and (c) an estimated home value attribute;
training, by a computer, a forest of classification trees to estimate a market rental rate for a home in the specific geographic area using the data retrieved for the specific geographic area;
receiving attributes of a plurality of homes in the specific geographic area;
periodically generating a market rental rate index for the specific geographic area at least in part by, for each home of the plurality of homes in the specific geographic area, applying the trained forest of classification trees to the received attributes of the home to determine a market rental rate for the home;
determining a market rental rate index for the specific geographic area using the market rental rates determined for each home of the plurality of homes in the specific geographic area; and
causing the determined market rental rate index for the specific geographic area to be provided to a user to enable the user to make a determination regarding a home in the specific geographic area.
4 Assignments
0 Petitions
Accused Products
Abstract
A facility for determining a market rental rate for a distinguished home located in a distinguished geographic area is described. The facility receives home attributes for the distinguished home. The facility obtains a market rental rate for the distinguished home by applying to the received home attributes a valuation model for homes in the distinguished geographic area that has been trained using rental listing price and home attribute data from homes recently listed for rental in the distinguished geographic area. The facility reports the obtained market rental rate for the distinguished home.
184 Citations
21 Claims
-
1. A method for estimating a market rental rate for a home located in a specific geographic area, comprising:
-
retrieving data for the specific geographic area, the data comprising a plurality of entries each for a home located in the specific geographic area that was listed for rental after a specific date, each entry indicating (1) a rental listing price for the home, and, (2) values for each of a plurality of attributes including (a) rental attributes, (b) property attributes, and (c) an estimated home value attribute; training, by a computer, a forest of classification trees to estimate a market rental rate for a home in the specific geographic area using the data retrieved for the specific geographic area; receiving attributes of a plurality of homes in the specific geographic area; periodically generating a market rental rate index for the specific geographic area at least in part by, for each home of the plurality of homes in the specific geographic area, applying the trained forest of classification trees to the received attributes of the home to determine a market rental rate for the home; determining a market rental rate index for the specific geographic area using the market rental rates determined for each home of the plurality of homes in the specific geographic area; and causing the determined market rental rate index for the specific geographic area to be provided to a user to enable the user to make a determination regarding a home in the specific geographic area. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
-
9. A method in a computing system for estimating a market rental rate for a specific home located in a specific geographic area, comprising:
-
identifying listing information for each of a plurality of homes in the specific geographic area listed for rental after a specific past date, the listing information including (1) values for each of;
(a) at least one property attribute, (b) an estimated home value attribute, (c) at least one rental attribute, and (2) a rental listing price for each home;training, by a computer, an initialized market rental rate model to estimate a market rental rate for a home in the specific geographic area using the identified listing information; periodically generating a market rental rate index for the specific geographic area at least in part by, for each home of the plurality of homes in the specific geographic area, applying the trained market rental rate model to attributes of the home to determine a market rental rate for the home; determining a market rental rate index for the specific geographic area using the market rental rates estimated for each home of the plurality of homes in the specific geographic area; and causing a determined market rental rate for a specific home to be provided to a user to enable the user to make a determination regarding the specific home. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
-
-
20. A computer-readable hardware memory having contents configured to cause a computing system to perform a method for estimating a market rental rate for a home located in a specific geographic area, the method comprising:
-
retrieving data for the specific geographic area, the data comprising a plurality of entries each for a home located in the specific geographic area that was listed for rental after a specific date, each entry indicating (1) a rental listing price for the home, and, (2) values for each of a plurality of attributes including (a) rental attributes, (b) property attributes, and (c) an estimated home value attribute; training, by a computer, a forest of classification trees to estimate a market rental rate for a home in the specific geographic area using the data retrieved for the specific geographic area; receiving attributes of a plurality of homes in the specific geographic area; periodically generating a market rental rate index for the specific geographic area at least in part by, for each home of the plurality of homes in the specific geographic area, applying the trained forest of classification trees to the received attributes of the home to determine a market rental rate for the home; determining a market rental rate index for the specific geographic area using the market rental rates determined for each home of the plurality of homes in the specific geographic area; and causing the determined market rental rate index for the specific geographic area to be provided to a user to enable the user to make a determination regarding a home in the specific geographic area.
-
-
21. A computer-readable hardware memory having contents configured to cause a computing system to perform a method for estimating a market rental rate for a home located in a specific geographic area, the method comprising:
-
identifying listing information for each of a plurality of homes in the specific geographic area listed for rental after a specific past date, the listing information including (1) values for (a) property attributes, (b) an estimated home value attribute, (c) rental attributes, and (2) a rental listing price for each home; training an initialized market rental rate model to estimate a market rental rate for a home in the specific geographic area using the identified listing information; periodically generating a market rental rate index for the specific geographic area at least in part by, for each home of the plurality of homes in the specific geographic area, applying the trained market rental rate model to attributes of the home to determine a market rental rate for the home; determining a market rental rate index for the specific geographic area using the market rental rates estimated for each home of the plurality of homes in the specific geographic area; and causing the determined market rental rate index for the specific geographic area to be provided to a user to enable the user to make a determination regarding a home in the specific geographic area.
-
Specification