The Minns Labor Government is making it easier for renters to get the best deal with a new, free tool they can use to help check whether the rent they’re being asked to pay is fair.
Rent Check, developed by the NSW Rental Commissioner, delivers new transparency to renters and owners by providing updated, current data on rent prices for comparable properties in their suburb.
While some online real estate apps and websites are available to paint a picture of the rental market, they rely on advertised rent prices.
Rent Check uses the latest bond data to provide a more accurate and comprehensive breakdown of market prices.
This transparency helps renters better understand the market to make more informed decisions, while owners can set competitive, fair rents to attract and retain tenants.
Rent Check compares up-to-date weekly rents by NSW postcode across metropolitan and regional locations using rental bond data, ensuring the tool provides a realistic indication of rent prices.
Users enter a postcode and answer questions about whether the home is a unit or house, how many bedrooms it has and the current rent, or price they are willing to pay for a property.
The result will give them the median market rental range for a particular location and if the price is above or below the median price for that suburb.
The new website will help renters compare pricing and identify excessive rent while also helping owners better understand the range of rent being charged for similar properties in an area.
The free-to-use tool complements the NSW Government’s commitments to modernising the state’s rental market and making it fairer, including by ending no-grounds evictions.
The website will also provide links to further advice and resources for renters, owners and other users on the NSW Fair Trading website.
Rent Check is available at www.nsw.gov.au/rent-check
Karen McKeown OAM, Member for Penrith, said:
"Penrith residents deserve transparency in today's rental market.
"With many of our Penrith residents being in the rental, Rent Check will finally allow renters and owners to gain an accurate and comprehensive breakdown of market prices in their suburb."
Minister for Better Regulation and Fair Trading, Anoulack Chanthivong, said:
“We’re getting on with building a more modern and transparent rental market in NSW.
“One in three people in NSW are renters and many spend a large chunk of their weekly budget to pay for the roof over their head.
“Rent Check offers renters the only option to compare rent based on bond data rather than advertised rents and understand if it is in market range. For future renters, it may help them find a location suited to their budget.
“It also empowers owners to understand the market rent for similar properties to make the best decision for their investment.”
Rental Commissioner, Trina Jones, said:
“Rent Check provides benefits for both owners and renters.
“With transparent market information, renters are empowered to make informed decisions and negotiate better rental agreements while owners can use it to set competitive and fair rent prices by understanding market trends, ensuring they attract and retain tenants.”
