First American launches monthly rent automated valuation model

First American Data & Analytics has released an automated valuation model that estimates monthly rent for residential properties nationwide.

The product — called Procision Rental AVM — updates daily on roughly 100 million properties, including single-family homes, condominiums and homes in planned-unit developments.

It provides rental estimates, value ranges and confidence scores for use by real estate professionals and investors.

“Investors and real estate professionals are looking for more precise and more predictive rental intelligence as rental market activity increases,” said Jon Wierks, vice president of data management at First American Data & Analytics. “Our new Procision Rental AVM delivers rental valuations at the speed, scale and accuracy needed to inform more confident data-driven decisions on rents and to determine the potential returns on rental properties.”

The system draws on First American’s property database and modeling technology and is accessible through DataTree, via API or in bulk data purchases.

Leaders specified it is intended for long-term rental analysis and not for short-term or vacation rental properties.