The Valuation Office Agency, which compiles information on rents as part of its lettings market overview, is asking for help from the industry.
“The more information we collect, the more reliable local and national rental statistics will be. These statistics might help you to make your next investment decision or provide reassurance to banks and lending organisations. They also support policy making and make sure that decisions are based on accurate data” explains the VOA in a statement aimed at agents and landlords.
VOA rent officers depend on the goodwill and trust of landlords, letting agents and tenants who provide details of rents in the private rented sector.
This makes sure that official data is based on actual lettings, not advertised rents. Its database also includes new rents, renewal rents and price changes so it can track trends across the whole market.
Stuart Stone, Rent Officer and Stakeholder Manager, says: “When you contribute details of rents being paid it makes a real difference. You help to improve the accuracy of data that has an impact beyond your own portfolio, local community and region.
“The data is used to set Local Housing Allowance and Housing Benefit, which help private tenants pay their rent, to produce official private rental market statistics and calculate all three measures of consumer price inflation.”
The VOA now wants more agents to be involved.
Already over 514,000 rents have been shared in the year to October 2022 and if your agency wants to get involved email firstname.lastname@example.org.