Government will be collecting data on residential and commercial rents in the next two months.

The Land Valuation Department is gathering the information as part of a revaluation of all properties on the Island, a process it is required to carry out for land tax purposes every five years. It was last done in 2004.

On December 1, residential rental survey forms and prepaid return envelopes will be sent to all taxpayers on the Island to be completed and returned by December 29.

Commercial rental survey forms will be mailed out during the first week of January and should be completed and returned by the end of that month.

A Department spokesman said: "It is important that everyone who receives a form completes and returns it, as there are penalties for not doing so. The information collected is confidential and used solely for the purpose of the revaluation."

For help filling out the form call 297-7969 or go to the Land Valuation Department on the second floor of Global House, 43 Church Street, Hamilton.

Realtors Coldwell Banker said earlier this month that the rental market was "buzzing" with most recent rental activity in the $4,000 to $7,000 a month range.

The overall average rental price for the first ten months of the year was $5,285, compared to $5,300 the previous year.

Meanwhile, the average house price at the moment is $1.9 million, according to Rego Sotheby's International Realty. Professional services manager Tim Naylor said the figure was based on 74 recorded house sales this year. Five years ago, the average was almost $1 million.

The average price of a condo so far this year, according to Mr. Naylor, is now just above $1 million, based on 70 recorded sales.