Consumers will now have access to raw rental bond data, giving them a rare insight into the property market, according to Matthew Kean, the NSW minister for innovation and better regulation.
“As the Minister for Fair Trading I want to put consumers first and this data does that by allowing open, transparent access to useful rental information,” Kean said last Thursday. “This untouched data can be analysed by individuals trying to decide where to rent or invest, as well as innovators who could use the data to create apps and other programs to help consumers.”
The range of available data includes postcodes, rent prices, period of tenure, number of bedrooms, and types of dwellings.
“Whether families want to live in Paddington or Penrith, Hornsby or Harrington Park, this is an invaluable insight that can help them choose where to rent, invest or purchase a home,” Kean said.
The data is sourced from Rental Bonds Online, the New South Wales government’s secure online lodgment system, and currently holds more than 800,000 rental bonds. Registration is compulsory for property agents and self-managing landlords, and the service must be offered as the first option for new tenants for the lodgment of their bond.
Monthly Rental Bond lodgment data, which is provided by the agent or landlord at the beginning of the tenancy, includes dwelling type, weekly rental amounts, and the number of bedrooms. Quarterly data indicates the length of the tenancy and proportion of bond refunded at the end of the lease.
Kean said the release of this data is particularly helpful for consumers in today’s rapidly changing rental market.
“The applications of this data are wide-ranging; investors can use it to locate new and emerging rental markets; tenants can find the best and cheapest areas to rent in; and, tenants and agents can use it to find areas with long-term residents or families in the community,” he said.
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