SINGAPORE - Property agents, landlords and tenants in Singapore now have a new tool to help them estimate rental prices.
Singapore Real Estate Exchange (SRX), an information exchange on property transactions and market pricing, on Wednesday launched Rental X-Value - a computer-generated estimate of home rental values.
The service, which can be accessed for free on the SRX website, estimates rental prices of both public and private homes, taking into consideration factors such as location, floor level and proximity to MRT stations.
"It helps to improve transparency and efficiency in the Singapore residential rental market," said Mr Jeremy Lee, co-founder and chief technology officer of SRX, which was formed by 12 real estate agencies.
Agents can also access the rent calculator on a separate mobile application portal, which displays real-time data from the latest 30 transactions involving a property and its price adjustments over time.
Noting the increased volume of Housing Board and private rentals in recent years, Mr Sam Baker, co-founder and chief executive officer of SRX, added that this service enables agents to "better advise their clients".
SRX launched a similar estimator for property sales in March although it does not currently calculate rentals for landed homes.
Acknowledging that certain factors such as furnishings may affect the accuracy of estimated prices, Mr Lee and Mr Baker cautioned that the service is a "starting point" for determining rent, and not designed to replace real estate agents who can make more "human" pricing decisions.