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.
Contact Second City Appraisal Today!
FAQs About a Rent Comparability Study
Having an accurate understanding of rents in a local real estate market is essential when pricing rental units, negotiating leases, or making investment decisions. We provide rent comparability studies to support your needs, including portfolio analysis, HUD compliance, or internal planning. Read through our FAQs to learn more about a rent comparability study and how they work.
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Why might I need a rent comparability study?
You might need a rent comparability study when setting or adjusting rents, supporting a financing application, complying with regulatory renewal requirements, or evaluating property performance. It provides an objective analysis using market-based evidence.
How does a rent comparability study differ from a rental market analysis?
While both assess rental markets, a rent comparability study typically focuses on establishing rent levels for a specific property’s unit types using comparables and detailed adjustments. A broader rental market analysis might cover general trends, average rents, occupancy, and supply/demand without making specific adjustments to your unit.
Who prepares the rent comparability study?
Our commercial real estate appraiser is experienced and deeply familiar with the local rental market. This ensures our analysis is credible and meets professional standards that are required by lenders or regulatory agencies.
How long does it take to complete a rent comparability study?
The timeline to complete a rent comparability study depends on the scope, the availability of rent and market data, and complexity of the property. Prompt access to leases, rent rolls, and property details helps us greatly.
How do I order a rent comparability study?
Contact us through our website or by phone to discuss your property and objectives. We will outline our process and the information that we need to complete the study.
Contact Second City Appraisal Today!
