A new service aims to help letting agents manage rent reviews under the Renters Rights Act.
It promises to produce the stronger evidence, clearer communication and better documentation required by the new legisaltion.
The service was founded by Rajeev Nayyar and Duncan Careless, the two co-founders of Fixflo.
Called MarketRent, it addresses the Act’s demand to run rent reviews through a process that is clear, consistent, well evidenced and defensible.
Providing such evidence and a structured process should reduce the risk of an appeal to the First Tier Tribunal.
MarketRent brings together market context, comparables, indexation and landlord approvals, communicate. proposed increases more clearly, and maintain a structured record of the process from start to finish.
It says it will replace the current ad hoc method of managing rent reviews, typically relying on inconsistent internal processes such as random comparables and inconsistent internal processes.
MarketRent is also highlighting its free Rent Indexation Tool, giving users an instant indexed rent reference point using ONS data.
It’s intended to provide a simple, transparent starting point for conversations around rent review.
MarketRent says it is admitting a limited number of organisations into its Early Adopter Programme so it can work closely with them to refine the product ahead of full launch.
Organisations interested in taking part can request early access at MarketRent.co.uk.
Those not joining the initial programme can also explore the free Rent Indexation Tool and register interest for the wider rollout.
Chief executive Rajeev Nayyar says: “Rent reviews are becoming more important, more visible and more operationally demanding.
“For many agents and operators, the current process is still too manual, too fragmented and too hard to evidence if it is challenged.
“We built MarketRent to solve that practical problem. This is about helping the industry run rent reviews in a more consistent, efficient and defensible way, with better communication
between agents, landlords and tenants and with a clearer record of how decisions were reached.”
The launch also includes an integration partnership with Veco Plus. Further integrations with software providers, data providers and tenancy referencing providers will be announced
shortly.
Richard Murray, chief executive of Veco, adds: “As the sector adapts to the Renters Rights Act, connected workflows and clear evidence
trails will become increasingly important.
“MarketRent is tackling a timely and practical problem for the industry, and we are pleased to be working with the team as a launch integration partner.”
