Dear community, following last week's news highlighting the London Mayor efforts towards decreasing rent speculation in London, I wanted to share a start-up working towards the same direction - creating a cap on rent speculation in London. It is called Fair Home Rent.
The rental market in London is very opaque and landlords have a lot of room to move rents up due to the high demand, and mainly uninformed demand. We want to bring a limit to how much landlords and agents will be able to raise rents year after year by bringing more transparency into this market. We want the tenant to be able to benchmark the rent he is being offered with the rent of properties within the exact same street or building. Ideally we'd even want an incoming tenant to be able to know how much was the rent paid by the previous tenant. This won't allow a landlord to overprice a certain property just because there will always be demand for it - tenants will be more aware and informed about the real fair rent a certain property should be valued at.
Similar to the ideas suggested from London's MPs about building a rent database built in the back of government pressures to the landlords, we are trying to build a database with current real rents tenants are currently paying. We want the community to contribute and soon be able to open the database to the use of the whole population. The more contributions we get the more useful the platform will be.
What are your thoughts? Do you think a community led initiative will be more effective than a potentially slower government led initiative?
If you like the idea, help us build this database and contribute yourself!