Tool offers precise data beyond outdated suburb-wide figures
Property investors in Australia now have access to a new tool that aims to take the guesswork out of setting rental prices.
Moorr has introduced its Rental Estimate and Analysis Tool, which is designed to provide more accurate rental estimates by comparing like-for-like properties within a specific radius, moving beyond the general suburb-wide data that often leads to inconsistencies.
With 2.2 million Australians investing in residential properties, determining the appropriate rental price is a common challenge. According to behavioral economist and author Evan Lucas, getting the rental price right can significantly affect the success of an investment.
“Having a true understanding of what your asset should be yielding both before and during your ownership period is essential, and that is why this new tool is so important for your research and long-term investment management,” Lucas said.
“Moorr’s Rental Estimate and Analysis Tool allows for similar property types to be compared within a set radius and not just by suburb or postcode,” Moorr co-founder Ben Kingsley (pictured) said, emphasising that rental prices can vary greatly within the same suburb depending on factors like street location, such as proximity to a beach or other amenities.
For example, beachfront properties typically have higher rents than properties located a kilometer inland, even if they share the same suburb. The tool takes into account factors such as the property’s condition, number of bedrooms and bathrooms, to generate more precise rental estimates.
“This functionality gives Moorr users with an investment property greater insight into their rents being charged in their local area and removes a suburb’s general data points with more accurate, insightful data,” Kingsley said.
Moorr’s new feature is available to all users through the platform’s property card section and is complemented by other tools, such as a cash flow projection tool.
