Data provider Lender Processing Services (LPS) and RentRange will be offering rental property income data to mortgage servicers, investors and others who need this type of information to make informed decisions about distressed housing assets.
Given that many servicers are contemplating rental programs for their acquired assets, LPS will now offer RentRange reports to clients looking for accurate rent projections for these real-estate-owned properties.
LPS Applied Analytics will provide the RentRange solution to mortgage servicers looking to either sell or hold-and-rent REO assets.
RentRange can also be utilized by investors, asset managers, REITs or hedge fund managers looking to value properties or a portfolio of loans based on rental income potential.
RentRange reports ordered via LPS will have property characteristics data from the data provider's nationwide property database.
RentRange can project the monthly rental income a residential property is expected to get through neighborhood comparables as well as other factors. It can also provide confidence scores and other market intelligence such as vacancy rates, market saturation and relative market strength. This data is offered down to the ZIP code level.
The solution also gives rental rate historical trends and rates for specific addresses by ZIP codes and cities.