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Market Rent Survey
A market rent survey documents and compares rent evidence from similar properties or units to support an estimate of rent for a subject property.
A market rent survey gathers and compares rent evidence from similar properties or units. The comparison considers when the rent was observed, location, condition, unit features, concessions and the services or utilities included in the rent.
HUD's rent-comparison instructions provide one documented example of selecting similar units and accounting for material differences. For a property-team survey, record the evidence date, comparison properties, rent terms and relevant differences or limitations. The survey is the comparison process; Market Rent is the estimated rent level it helps evaluate.
Source: U.S. HUD: Form HUD-92273, Instructions for Estimates of Market Rents by Comparison.
Frequently Asked Questions
Why record concessions and included utilities in a rent survey?
Two stated rents may cover different benefits or charges. Recording concessions, services and utilities makes those differences visible before treating the properties as comparable.
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