New feature to help with rental value
The Singapore Real Estate Exchange (SRX) launched the Rental X-Value, a computer-generated estimate of a home's rental value, yesterday.
The methodology considers factors such as:
- floor level
- historical transactions and;
- real-time rentals of other units in the same project.
The data then helps to formulate a rental price for the property.
The Rental X-Value is believed to be the first in the world, said SRX. Currently, landlords can assess the rental value of their property by checking the HDB and the Urban Redevelopment Authority websites to look at past transactions.
Mr Jeremy Lee, co-founder of SRX, said that this tool will not replace human judgment but will be a useful guide for housing agents and their clients.
He said: "May to August is the traditional peak season for rental. As such, this Singapore innovation could not have come at a better time. It helps improve transparency and efficiency in the Singapore residential rental market."