Zilpy - The Zillow of Rental Properties

Looks like there's a new entrant in the online property valuation game. Zilpy has echoes of Zillow (map mashups, super simple Beta interface) but is geared toward analyzing the rental market in a given area. Investors, landlords, and renters can all benefit from the site. It shows median and Section 8 rental rates, broken down by square footage and number of bedrooms. It has an "Area At-A-Glance" section and a section highlighting major areas of town and neighborhoods. My favorite part is the "Heatmap" - a map mashup that overlays a city map with color coded "zones" showing how hot (read: expensive) the market is in different parts of a city.

The Durham, NC Heatmap

I'm not sure if Zilpy will suffer the same issues as Zillow, ie, wildly inaccurate property valuations. But on the surface, it looks like a promising resource for researching rental property.