Are Zillow’s Rent Zestimates worthless?

What’s a Rent Zestimate? According to Zillow:

A Rent Zestimate is Zillow’s estimated monthly rental price, computed using a proprietary formula. It is a starting point for determining the monthly rental price for a specific property.

The Rent Zestimate for 432 W Huron St, a newly-built 7,000 square foot, 4-bedroom, 4 ½ bath single-family home in River North is $3,552 a month. That’s about half the asking price of $7,000 a month.

The Rent Zestimate in this case is a laugher, and it isn’t very accurate for a number of properties I sampled.

Are the Zestimates worthless?

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