Leading Scottish letting agency Citylets has teamed up with blockchain technology firm Wallet Services to offer the first Blockchain-enabled private rented sector (PRS) database in the world.
The system means letting agents in Scotland can now contribute data to and receive analysis of mid tenancy rent changes via the platform, a development that’s in response to new Scottish PRS legislation requiring local councils to apply to the Scottish Government to designate all or any part of their local authority area Rent Pressure Zones (RPZs).
The government has said these RPZs will only be approved if the applications are data-led including market evidence that rent increases to tenants under the new Private Residential Tenancies introduced in December 2017 are not excessive.
Citylets has been analysing open advertised rents for over ten years and can now provide ‘granular’ views of the Scottish PRS. This information is offered via block chain technology so that it cannot be interfered with or altered and is therefore ‘totally trustworthy’.
“The key here is trust. We are a private company looking to create a ledger of the rent changes experienced by the tenants of Scotland that can be utilised by all stakeholders within the private and public sectors,” says Citylets founder Thomas Ashdown (left).
“Ultimately, this will become a resource both for the lettings industry and local councils.”