How to benchmark a rental property

Investors Agents

Most long-term residential leases will allow for a rent review once per year. As a landlord or agent looking to make recommendations to a landlord, how can you quickly benchmark the rental value of a property against similar properties in the surrounding area?

PropertyData has the answer. Start by creating a new local data search around the area you are looking for comparables in.

Once you click 'generate data', you'll see the PropertyData dashboard. Switch to the 'Rental' tab, which will show you scatter plots of live asking rents broken down by the number of bedrooms in the property.

Each dot represents a single property. Identify the plot relating to the number of bedrooms your reference property has, click a dot near the average line in that plot, and click 'View property details'.

This will open up the property fact sheet, showing data about the rental property. You can quickly jump through to Zoopla or Rightmove for further property details.

Based on how this property compares to your reference property, select some further properties above or below the average line.

By continuing this process, you will be able to determine which properties most closely match the attributes of your reference property, and therefore a reasonable asking rent for that property.

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