SRX Property and Rental Index

[dsol]

Does any know much about this organization and their transaction data - particularly in the context of rentals?

Are SRX's rent transaction figures self reported numbers from member agents? And are the reported numbers audited?

The reason I ask is that my landlord insists on using SRX as the basis to price rent renewal vs URA, and the numbers are significantly different. For eg, for my condo the month of Nov '22, SRX has a 70% smaller size than URA and average rental price is 25% higher on URA. Interestingly, when I look at individual transactions, none of the SRX numbers appear on URA. Would this indicate that none of have SRX transactions have been lodged for govt stamping??

I have always assumed URA to be the standard for these things.

Any one have any insights on this?

[abbby]

URA rentals transactions are the most accurate IMO, others..would probably be what agents report or just some statistical data. I would think the owner would be more accurate based on URA's.

[dsol]

My thoughts too. I always thought URA was the standard for benchmarking.

The landlord's argument for SRX is that it's more accurate - it's more current given the URA 2 month lag in reporting and SRX has the specific unit number (vs URA just having number of bedrooms and size) so can reflect different views, floor levels, apt layout etc. In my case, SRX is showing significantly higher rental prices than URA. If the submission are unaudited then what's stopping agents from lodging higher rent transactions to artificially inflate rent prices. There seems to be a number of agents who dominate rentals in my area and condo.

[abbby]

Most of them derive their data from URA. Not sure about SRX since you mentioned the prices are quite inflated. But I find URA has its accuracy of things, data derived from stamping of certs etc. So I assume it has the most accurate and MOST data as well, unless the tenant doesn't stamp his cert?

Not sure why the owner wants to use SRX, maybe so to get a higher rental for his unit..

[malcontent]

If the reason the landlord wants to use SRX is to get more recent, then why not take the latest URA data available and then apply the index change from the SRX only for the latest months not yet available?

[Lisafuller]

URA rentals transactions are the most accurate IMO, others..would probably be what agents report or just some statistical data. I would think the owner would be more accurate based on URA's.

Yeah, I believe URA is the most accurate, the rest is more speculative.

[Lisafuller]

Most of them derive their data from URA. Not sure about SRX since you mentioned the prices are quite inflated. But I find URA has its accuracy of things, data derived from stamping of certs etc. So I assume it has the most accurate and MOST data as well, unless the tenant doesn't stamp his cert?

Not sure why the owner wants to use SRX, maybe so to get a higher rental for his unit..

Probably... it's likely that the owner would seek to use whichever source validates his asking price.

[Friedliver]

From my knowledge, SRX is the most up to date. The URA data can lag by up to two months I've seen and the timing is dependent on when the agent/landlord has lodged the new lease contract with URA so there can be a large timing difference between the URA listed date and the actual date of the signed TA.


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[malcontent]

From my knowledge, SRX is the most up to date. The URA data can lag by up to two months I've seen and the timing is dependent on when the agent/landlord has lodged the new lease contract with URA so there can be a large timing difference between the URA listed date and the actual date of the signed TA.


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Both data points have value.

When you compare actual URA transactions it’s also not 100% because comparable units being rented may not be renovated as nicely, or some may be on a high floor, nicer view, etc.

Let’s assume your original rent was fair market value at the time, you can apply the SRX index value change from that month and apply the % change in index value as of the latest month. This can be a starting point, but it’s also not 100% because the index includes properties in the wider area, some of which may be seeing greater hikes in rent depending on the specific area.

From that starting point, you then compare it with the latest URA transactions as a sanity check for your particular property — use your knowledge of units in that development as a guide to whether it’s in the ballpark relative to how nicely done other similar sized units are.

That is how I would approach it.

[Friedliver]

From my knowledge, SRX is the most up to date. The URA data can lag by up to two months I've seen and the timing is dependent on when the agent/landlord has lodged the new lease contract with URA so there can be a large timing difference between the URA listed date and the actual date of the signed TA.


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Both data points have value.

When you compare actual URA transactions it’s also not 100% because comparable units being rented may not be renovated as nicely, or some may be on a high floor, nicer view, etc.

Let’s assume your original rent was fair market value at the time, you can apply the SRX index value change from that month and apply the % change in index value as of the latest month. This can be a starting point, but it’s also not 100% because the index includes properties in the wider area, some of which may be seeing greater hikes in rent depending on the specific area.

From that starting point, you then compare it with the latest URA transactions as a sanity check for your particular property — use your knowledge of units in that development as a guide to whether it’s in the ballpark relative to how nicely done other similar sized units are.

That is how I would approach it.

What I mean is that the underlying data for URA and the SRX transaction data (that feeds into the index) are the same, except that the URA data has a time lag presumably due to some admin/processing times.


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[dsol]

If I understand correctly, SRX is a consortium of real estate agents - the major names we regularly see. They seem to be quite well established in the market for sales listing and property valuation data.

I can't find much information about how they collect rental data though. I doubt that it comes from URA as I was unable to match individual transactions across the two sites. Therefore I am assuming they are self reported by agents. Whether SRX audits this, I don't know.

To me the stamped URA number is the one to go by. To my landlord, the more up to date and unit specific SRX numbers are more accurate. If not for the uncertainty I have on the validity of the SRX numbers, then I would agree with my landlord.

If my landlord would budge, indexing as mentioned above could be a middle ground. But crap in/crap out and all that jazz

[Pal]

All these companies subscribed to the URA service and download the data daily to populate their database.

The data they downloaded includes the unit number.

All data comes from URA. SRX merely use their in house algorithm to determine an estimated price aka X Value.

[malcontent]

I would not rely on the “x-value” from SRX for estimating current market value. That is too speculative for my taste, especially when you’ve got rich data sets to extrapolate from.

[NYY1]

Yeah, I have no idea what people are looking at on SRX (and was guessing it is the X Value as mentioned above). SRX also lists the URA data right below the X Value (URA data itself is updated 15th of every month, so 45 days old at most).

[Friedliver]

All these companies subscribed to the URA service and download the data daily to populate their database.

The data they downloaded includes the unit number.

All data comes from URA. SRX merely use their in house algorithm to determine an estimated price aka X Value.

Not sure if they download it from URA or it’s some sort of real estate association database where agents post the rental details to. I have seen snapshots of the data and they list precise unit numbers and dates of leases. The URA dates are definitely lagged - you can check your own lease against the URA data and you may find it is a month or two delayed.


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