Local Rent Reference(LRR)

Local Rent Reference (LRR) is a tool used in the UK housing market to provide reliable and up-to-date data on the average rental prices in a particular area. This data is used to inform and guide decisions around setting rental prices for both landlords and tenants, helping to ensure a fair and competitive rental market. The LRR is compiled from a variety of sources, including local authorities, lettings agents and surveyors, and is updated on a monthly basis. It includes both private and social housing rental prices, and is unique to a particular geographical area. The purpose of the LRR is to provide an accurate, up-to-date benchmark to help support evidence-based decisions on rent levels. It is used by a variety of stakeholders, including landlords, tenants, local authorities, housing associations and surveyors, to ensure that rental prices are fair and competitive in their particular area.