There was a good news announcement this month for NSW renters, property investors and app creators; raw rental bond data is going live.
The NSW Government has decided that people deserve to be able to make informed decisions about their rental options and property investments. With median weekly rental in inner Sydney currently at $530 for a one bedroom and $925 for a three bedroom, it really is a choice you want to be sure of.
For that to be a reality, the NSW government have opened (virtual) doors.
This is the first time in history that consumers have been granted access to the goings-on in the property market, post code by post code.
The Minister for Fair Trading, Matt Kean explained the move as giving “open, transparent access to useful rental information”, which is especially important in such a rapidly changing rental market environment.
Having access to the rent bond data will mean that those looking for a place to rent can get an untouched source of information to current rental prices and popularity to help them choose a suitable home. Property investors can use this information as well to determine the hot zones and potential no go zones for purchasing properties. The Minister is also keen for app writers to jump on board and create house and property hunt applications that can assist in streamlining the data to consumers.
At the beginning of a tenancy agreement renters are required to pay bond (one months rent) to the agent or landlord. The lodgement of these forms is compulsory and while a number of agencies exist, first preference is always given to Rental Bonds Online. This NSW Government operation currently holds in excess of 800,000 rental bonds, which provides a significant amount of data to draw on.
The information to be released contains number of bedrooms, postcodes, weekly rental amounts and what type of dwelling i.e. house, apartment, studio. In addition to the information submitted on a monthly basis there is also quarterly data available that indicates length of completed tenancy and what percentage of the bond was returned on vacate.
It is expected that the data will have wide ripple effects, starting with giving investors an edge on emerging rental markets, renters the ability to find the cheap outer city pockets or best places for high security or long term communities.
If you are interested in checking out the raw data and getting a snapshot of NSW rentals go to the Fair Trade Website http://www.fairtrading.nsw.gov.au/ftw/About_us/Data_and_statistics/Rental_bond_data.page. This is where monthly and quarterly data is set to be released.