Determine your rental rates with a HUD RCS.
A HUD RCS, or a HUD Rent Comparability Study, is a formal report the U.S. Department of Housing and Urban Development requires for certain types of affordable housing properties, especially those that have Section 8 contracts. The purpose of these studies is to determine whether the rents the owner wants to charge are reasonable and aligned with other comparable properties in the same area.
A HUD RCS compares your property’s units, amenities, condition, and location to similar nearby unsubsidized rental properties and establishes market rental rates for every type of unit. These studies also help HUD determine whether to approve requested rent increases under Section 8, ensuring government funds aren’t being used to pay rents that are above market rates.
A HUD-approved, independent third-party appraiser must perform the HUD RCS and owners cannot complete the study themselves. At Second City Appraisal, we are qualified to conduct and complete these studies, and we have completed countless HUD RCS studies throughout the Chicago, Illinois area.
During your HUD RCS study, we will provide a basic market overview and rental trends in your area. We will then analyze at least five comparable properties and make adjustments based on amenities, utilities, and unit features. Then, we’ll make our final recommendations based on the information we gather during the study.
We are a professional appraisal firm with a strong understanding of market rates and trends, especially in the Chicago area. To schedule your HUD RCS study or to learn more, reach out to us today.