Are you moving to a new area? Do you know what the prices of property to rent in the area are? If not, then you may be looking to find a rental price index that can provide a guideline to rental property prices.
Online PR News – 04-August-2010 – – The real-time Residential Rental Price Index (RRPI) function on Rentright.co.uk utilising property data from across the Rentright website to provide real time data for the average prices of rental property for a particular region. The function also provides the option to narrow down the RRPI by the number of bedrooms and the type of properties for every town throughout the UK showing the results using graphical reporting.
How it works?
The Residential Rental Price Index (RRPI) is a dynamic index of average rental property prices throughout the UK. Using the latest xml technology the RRPI works in real time. Any new rental property that is advertised on the market via the Rentright is included instantly.
Why is it important?
A Rental Price Index can prove to be a valuable tool for rental property hunters when looking to move into a new area in order to organise potential budget and check on local property prices. Currently with the RRPI users have the ability to look at information down to the town level, this can then be broken down into the size of the property that they are looking to rent by bedroom number. If you are moving to a new area the prices can be vastly different from where you are moving from. Factors can be the area that you are moving to within the country and as discussed earlier the supply and demand of property within the area. A good way to try to gauge the prices is to use a rental price index. There are a number of different sites that can supply data for this area, one is the RRPI(Residential Rental Price Index) this uses data from letting agents throughout the UK and provides a breakdown of prices not only for individual towns but also for property types. Therefore no matter what type of property you are interested in you can get a guideline of the price that you may expect to pay.
What Factors may Influence the Rental Market?
Like any property market the rental market prices will fluctuate depending on a number of different factors. These influences can depend on supply and demand factors, are there more properties than demand? this can have a major impact on prices. If there is more available property than the demand for rental houses then it is inevitable that the better quality property will be in demand, plus this can have a factor on the price of these properties. Also if there is less property than demand then this can force the rental prices up for the available property. Other factors can depend on interest rates and mortgage prices as to whether landlords keep their rental property or sell the property in order to cash in on higher house prices.
Already gaining large amount of media interest Rentright hopes its RRPI function will become the industry’s leading property rental price index tool that both professionals and property hunters will use to help with their business and rental property searching.
Visit http://www.rentright.co.uk today and find out the average RRPI in your area.