Rely on us to complete a comprehensive rent comparability study to ensure the long-term success of your project.
A rent comparability study is designed to determine a property’s market rent by researching similar properties and their rent prices in the region. You may need a rent comparability study if you’re constructing a new multi-family housing project, setting rent prices for a property you’ve recently invested in, or determining lease renewal terms for existing tenants. However, no matter why you’re interested in this type of appraisal, you can turn to our dedicated team at Second City Appraisal for the honest, comprehensive services you deserve.
Since 2017, our team has been providing exceptional appraisal services for a wide variety of clientele throughout the Chicago, Illinois community. We have completed rent comparability studies for the U.S. Department of Housing and Urban Development (HUD RCS) and low-income housing tax credit (LIHTC) projects, ensuring every unit meets the standards set by the Illinois Housing Development Authority. We have even worked with Volunteers of America to help our community construct affordable and low-income housing options throughout the region.
During a rent comparability study, our team will begin by doing research into similar properties nearby, assessing their location, size, and condition. Once we have collected this data, we’ll conduct a physical inspection of the property to determine its condition, features, size, and other essential components. Next, we’ll compare your property to similar properties to determine a fair market rent for your facility. We will compile all our findings and evidence into a comprehensive report, explain our logic to you, and answer any questions you may have about our process before submitting the study to HUD (if necessary).
To schedule a rent comparability study, please reach out to our firm today.
