Lender Processing Services Inc. (LPS) has announced an agreement with RentRange to offer rental property income data to mortgage servicers, investors and others in need of reliable rental market intelligence to make informed decisions related to distressed housing assets. With many servicers contemplating rental programs for their acquired assets, LPS will now provide RentRange reports to clients seeking accurate rent estimates for these real estate-owned (REO) properties and to investors and others wanting established values for properties based on their rental income potential.
"LPS selected RentRange because we felt it offers the best empirically based rental estimates of any product on the market today," said Rob Walker, managing director of LPS Applied Analytics. "RentRange is a powerful tool to help our clients make more informed decisions about real estate in a new and challenging environment."
LPS Applied Analytics will provide the RentRange solution to mortgage servicers looking to make sell or hold-and-rent decisions on REO assets, or to calculate reliable rent estimates for their REO properties. RentRange can also be used by investors, asset managers, REITs or hedge fund managers seeking to value properties or a portfolio of loans based on rental income potential.
RentRange reports ordered through LPS will incorporate property characteristics data from LPS' nationwide property database for higher levels of confidence in the accuracy and quality of the reports.
"The rental property market is on the rise because of low interest rates and home prices, and modest increases in rents in many markets," said Walter Charnoff, founder/CEO at RentRange. "Our product is the best way to offer reliable rental market intelligence to those trying to understand the market and make informed decisions during this increasingly active time."
RentRange can reliably estimate the monthly rental income a residential property is expected to yield using neighborhood comparables and other factors, as well as provide confidence scores and other market intelligence—such as vacancy rates, market saturation and relative market strength—down to the ZIP code level. The solution also provides rental rate historical trends and rates for specific addresses by ZIP codes and cities.