A new tool allowing buy-to-let landlords to snoop on rents being charged by their peers online has been launched by Landbay.
The lenders’ Rent Check service permits landlords to make sure that they are receiving sufficient rent from their tenants, by comparing their own rental income with competitors.
Using UK wide figures, the postcode widgets take the data from Landbay’s monthly Rental Index. This Index maps both monthly and annual trends in rents, by geographic location and by number of bedrooms.
In addition, this new tool allows users to access data which shows how rental movements for a specific property type have altered over time. These figures give unique insights into both movement in the market and social mobility.
New tool lets landlords compare rents online
John Goodall, CEO and co-founder of Landbay, noted: ‘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,’ he added.