New transparent way to find out rental value of homes

[princess_morbucks]

http://www.businesstimes.com.sg/breaking-news/singapore/new-transparent-way-find-out-rental-value-homes-20140604




THERE is now a more transparent and efficient way to establish rental value in Singapore with the launch of an online pricing feature.

The government-funded Rental X-Value was rolled out on Wednesday by Singapore Real Estate (SRX), an information exchange formed by the real estate agencies here.

SRX said the first-of-its-kind pricing feature is a computer-generated estimate of a home's rental value.

The methodology is based on Comparable Market Analysis and draws data from more than 30 public and private sources.

[reporter2]

http://www.businesstimes.com.sg/archive/thursday/specials/property/new-online-tool-provides-clarity-rental-deals-20140605

Published June 05, 2014

New online tool provides clarity on rental deals

Rental X-Value can estimate a home's rental value


[SINGAPORE] Tenants and landlords seeking clarity in rental transactions, especially during the peak rental season from May to August, may be able to find support in a new online pricing tool that aims to provide transparency.

The Singapore Real Estate Exchange (SRX), an information exchange formed by real estate agencies, yesterday launched Rental X-Value, a computer-generated estimate of a home's rental value, on its website.

Described as the first-of-its-kind in Singapore, the pricing feature draws on data from more than 30 public and private sources and is based on algorithms developed in partnership with academics, government agencies and valuers.

In comparing recent transactions, the calculation uses the SRX Price Index for rentals to adjust disparities in rental contract dates. It also takes into account differences and exceptions, including distances to the MRT and real-time rentals of other units in the same project.

Sam Baker, co-founder and chief executive officer of SRX, pointed out that tenants will be able to establish "fair market values for rents", while landlords will be able to evaluate rental yield with greater accuracy.

"Accountants and government authorities will have a more transparent basis in which to assess rental income," said Mr Baker.

He added that public policymakers will also gain insight into the dynamics of the rental market here and how they impact housing.