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Market rent reviews are often required by a landlord who wishes to know how much rent to charge for their property or by a tenant who wishes to know how much rent they should be paying as dictated by the market. Rent reviews are typically requested either at the initial renting stage or at the time of renewals.
When a market rent estimate for a property is required, the appraiser gathers, compares and adjusts comparable rental data. The rents of comparable properties provide a basis for estimating market rent for a subject once they are reduced to the same unit of measurement. Comparable rents may be adjusted just as the transaction prices of comparable properties are adjusted in the sales comparison approach of appraisal.