Keeping costs low is one component (economy) of achieving value for money, one of the three ‘costs’: economy, efficiently, effectiveness.

Efficiency is converting this ‘costs’ into ‘outputs’ with the purpose of achieving ‘efficiency savings’ to achieve effective results. Effectiveness is producing the desired result.

When costs escalate due to inflation, there’s a need to improve efficiency to achieve the same effective results.

Efficiency can be rated, gauged, measured by internal and local and national industry environmental comparisons. Residential rents and service charges are likely to be under significant pressure during the current cost of living increases. This will expand tensions between landlords and tenants. Rogue landlords may use the economic situation for rent seeking and evictions. Tenants may be unable to pay any additional charges.

Benchmarking rents and service charges would enable rational discussions and how to gain efficiencies and make like easier for landlords and tenants because benchmarking will provide an assessment that both can use in a dialogue with done certainty regarding what is a reasonable rent or service charge.