RRPI to show rental trends
Letting Agents - 31/07/2006 15:20:52
A new price index is to help letting agents and consumers gauge the state of the property rental market.
The residential renting price index (RRPI) has been launched by the online letting agent directory Rentright and aims to fill the gap in the house market where there are no standardised figures.
Other property areas already have a similar system in place, such as the house price index, which allows professionals and consumers to watch how the market is developing and changing.
The RRPI uses data from across Rentright's website to calculate the price of renting in the UK and updates in real-time as the property portfolio changes.
At the moment users can search prices by town, county or country and also by the size of the property.
According to Rentright, the system will gradually become more sophisticated and give consumers and letting agents an even more accurate guide to the price of renting homes.
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