Tenants helped with a rent ‘rip off’ comparison tool
Renters will be able to find out if they are being ripped off, with the Minns government to launch an online comparison tool using bond data.
NSW
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Renters will be able to find out if they are being ripped off, with the Minns government to launch an online comparison tool using bond data.
Developed by the NSW Rental Commissioner, the “Rent Check” will allow renters – and owners – to view real-time rent prices for comparable properties in their suburb.
While some online real estate apps and websites claim to have data on the rental market, they rely on advertised prices.
The Minns government Rent Check tool will use the latest bond data to provide a more accurate and comprehensive breakdown.
The tool will prompt users to enter a postcode and answer questions about whether the home is a unit or house, how many bedrooms it has and the current rent, or price they are willing to pay for a property.
The result will give them the median market rental range for a particular location and if the price is above or below the median price for that suburb.
Fair Trading Minister Anoulack Chanthivong said the tool would help make the rental market in NSW more “transparent” by enabling renters to identify excessive rent while also helping owners better understand the range of rent being charged for similar properties in an area.
“One in three people in NSW are renters and many spend a large chunk of their weekly budget to pay for the roof over their head,” he said.
“Rent Check offers renters the only option to compare rent based on bond data. For future renters, it may help them find a location suited to their budget.”
The tool is part of the state government reforms under way to modernise the rental market, which also includes ending “no grounds” evictions.
According to the latest departmental figures for the June quarter, the median rent in greater metropolitan region was $650-700 a week.
Rental Commissioner Trina Jones said rent check also provided benefits for owners.
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