A new tool that allows landlords to compare rents online has been launched by Landbay.
The peer to peer lender’s ‘Rent Check’ service enables landlords to ensure that they are receiving sufficient market rent for their property by comparing their own rental income against others in their region.
The postcode search widget works by using UK wide data from Landbay’s monthly Rental Index, powered by MIAC. The index maps annual and monthly trends in advertised rents, both geographically and by bedroom number.
The new online tool also allows users to access data showing how rental movements for a specific property type have changed over time, all of which provides unique and sensitive insight into market movements and social mobility.
John Goodall, CEO and co-founder, Landbay, commented: “The UK is in the midst of a housing crisis and a severe supply/demand imbalance, meaning the rental property market is buoyant. Together, Landbay’s Rental Index and the Rent Check tool will give both tenants and landlords a simple way of accessing data from across the UK, not only providing an in depth view of the market, but helping inform their next move.
“In times of low interest rates and a lack of home ownership and affordability, we’re pleased to be able to offer people a way of affirming the rent they are paying in their region.”