Section 23
Rental Information
Appendix F-1, page 283
The Rental Information section includes information about the factors that influence rent and generate other income for the subject property and its rental comparables (comps). This section contains the following subsections ("gray bars"), which always display:
- Rent Schedule
- Comparable Rental Properties
- Comparable Rental Analysis ("rental grid" or "rental comparison grid"), which provides a side-by-side comparison of comparable units to each unit in the subject property
- Rental Analysis Commentary
- Rental Information Exhibits
This section displays when Rent Schedule Developed by Appraiser is Yes, and a subject property unit is included in the section when Include Unit in Rent Schedule is Yes.
Rental Information
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| Not on Report | This is an appraiser input that does not display | Always required | Yes | No | Rent Schedule Developed by Appraiser - Yes (The Rental Information section is included) - No (The Rental Information section is not included) |
| Not on Report | This is an appraiser input that does not display | Required for each subject property unit including ADUs if Rent Schedule Developed by Appraiser is Yes | Yes | No | Include Unit in Rent Schedule - Yes (The unit is included in the Rental Information section) - No (The unit is not included in the Rental Information section) Notes: - If only a rent schedule is requested (without the Income Approach), Rental Information includes the necessary units based on the scope of work. Examples: - Single-family property, if subject property rents are required to be confirmed. - Single-family property with an ADU, if a rent schedule is required for the ADU only. - For ADUs, reference published guidelines by the GSEs, government agencies, or other identified secondary market participants for specific guidance. |
Information previously entered for the subject property populates from the applicable section to Rental Information and does not have to be re-entered. The tables in this chapter show the original location of the information.
There is other information that the appraiser must input directly into the Rental Information section.
Rent Schedule#
Subject Property Rental Information#
A row displays in the Subject Property Rental Information table for each unit for which Include Unit in Rent Schedule is Yes, and the "When to Include" column in this chapter reflects this.
Rent Schedule: Subject Property Rental Information
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 23.01.01 | N/A | Displays if applicable for each unit | Free-form | Unit Identifier Populates from the Unit Interior section (10.002) for the unit or ADU. |
| 23.01.02 | Currently Rented | Always required for each unit | Yes | No | Unit Currently Rented |
| 23.01.03 | Occupancy | Always required for each unit | Choose an allowable answer from the Definition / Additional Guidance column | - Tenant - Owner - Vacant Note: Populates from the Unit Interior section (10.020) for the unit or ADU. |
| 23.01.04 | Monthly Rent | Always required for each unit | Dollar amount | Monthly Actual Rent for Unit For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Subject Property Rental Information 23.01.04 - Actual Income (Monthly) 23.01.13 - Comparable Rental Analysis Summary 23.03.22 |
| 23.01.05 | Month-to-Month | Required if Unit Currently Rented is Yes | Yes | No | - Yes (lease agreement is for a one-month period) - No (lease agreement is longer than one month, such as a 12-month lease) |
| 23.01.06 | Lease Start | If available when Month to Month is No | mm/yyyy | Lease Start Date |
| 23.01.07 | Rent Control | Always required for each unit | Yes | No | Unit Subject to Rent Control: Indicates whether the unit is subject to rent control. For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Subject Property Rental Information 23.01.07 - Comparable Rental Analysis 23.03.16 if the row is included in the rental comparison grid. |
| 23.01.08 | Rent Concessions | Required if Unit Currently Rented is Yes | Yes | No | Indicates whether monetary concessions are included in the terms of the lease for the unit. For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Subject Property Rental Information 23.01.08 - Comparable Rental Analysis 23.03.17 if the row is included in the rental comparison grid. |
| 23.01.09 | Utilities / Services Included | Required if Unit Currently Rented is Yes | Yes | No | Utilities / Services Included: Indicates whether any utilities and services (e.g., electric, heat, water, or internet) are included in the rent for the unit. For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Subject Property Rental Information 23.01.09 - Comparable Rental Analysis 23.03.15 if the row is included in the rental comparison grid. |
| 23.01.10 | Furnished | Required if Unit Currently Rented is Yes | Yes | No | Unit Furnished: Indicates whether furniture is included in the rent for the unit. For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Subject Property Rental Information 23.01.10 - Comparable Rental Analysis 23.03.14 if the row is included in the rental comparison grid. |
| 23.01.11 | Description of Rent Control and Impact to Value / Marketability | Required if Unit Subject to Rent Control is Yes for one or more units in the Rent Schedule | Free-form | Provide a description of the rent control for each unit with rent control, including impacts to value and / or marketability. |
Actual Income (Monthly)#
Rent#
Rent Schedule: Actual Income - Rent
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 23.01.12 | N/A | Displays if applicable | Free-form | Unit Identifier Redisplays from 23.01.01. |
| 23.01.13 | N/A | Required for each unit or ADU that is included in the Rental Information section | Dollar amount | Monthly Actual Rent for Unit For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Subject Property Rental Information 23.01.04 - Actual Income (Monthly) 23.01.13 - Comparable Rental Analysis Summary 23.03.22 |
| 23.01.14 | Subtotal | Always required | Dollar amount | Total Monthly Actual Rent Calculated: Total Monthly Actual Rent for Unit for all units in the Rental Information section. Note: For the subject property, this information also displays in the Income Approach section 24.007 if applicable. |
Other Real Property Rental Income#
This subsection describes the other real property rental income associated with the subject property.
Example 1: There is no other real property rental income.
Example 2: There is other real property rental income, and the opinion of market income differs from the actual income.
Rent Schedule: Actual Income - Other Real Property Rental Income
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 23.01.15 | N/A | Always required | Choose an allowable answer from the Definition / Additional Guidance column | Other Income Type - None (there is no other real property rental income) - Non-Tenant Parking (open or covered parking spaces are rented or leased to someone other than the occupants of the property units) - Storage - Other (Describe) For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Actual Income (Monthly) 23.01.15 - Opinion of Market Income (Monthly) 23.01.22 Notes: - Only select a valid value (other than None) if there is actual or market income associated with it. - If there is other real property rental income (actual or market), provide a description and details in Rental Analysis Commentary 23.04.01. |
| 23.01.16 | N/A | Required for each Other Income Type | Dollar amount | Other Actual Income Notes: - If an Other Income Type is selected, the associated Other Actual Income and Other Market Income are both required. - If Other Income Type is None, Other Actual Income and Other Market Income must be 0. |
| 23.01.17 | Subtotal | Always required | Dollar amount | Total Other Actual Income Calculated: The sum of Other Actual Income for all income types. |
| 23.01.18 | Total | Always required | Dollar amount | Total Actual Income Calculated: Total Monthly Actual Rent + Total Other Actual Income |
Opinion of Market Income (Monthly)#
Rent#
Rent Schedule: Opinion of Market Income - Rent
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 23.01.19 | N/A | Displays if applicable | Free-form | Unit Identifier Redisplays from 23.01.01. |
| 23.01.20 | N/A | Required for each unit or ADU that is included in the Rental Information section | Dollar amount | Monthly Market Rent for Unit: The monthly dollar amount that is expected to be received as rental income at full market price for the single living unit. For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Opinion of Market Income (Monthly) 23.01.20 - Comparable Rental Analysis Summary 23.03.23 |
| 23.01.21 | Subtotal | Always required | Dollar amount | Total Monthly Market Rent Calculated: Total Monthly Market Rent for Unit for all units in the Rental Information section. Note: For the subject property, this information also displays in the Income Approach section 24.022 if applicable. |
Other Real Property Rental Income#
Rent Schedule: Opinion of Market Income - Other Real Property Rental Income
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 23.01.22 | N/A | Always required | Choose an allowable answer from the Definition / Additional Guidance column | Other Income Type - None (there is no other real property rental income) - Non-Tenant Parking (open or covered parking spaces are rented or leased to someone other than the occupants of the property units) - Storage - Other (Describe) For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Actual Income (Monthly) 23.01.15 - Opinion of Market Income (Monthly) 23.01.22 Notes: - Only select a valid value (other than None) if there is actual or market income associated with it. - If there is other real property rental income (actual or market), provide a description and details in Rental Analysis Commentary 23.04.01. |
| 23.01.23 | N/A | Required for each Other Income Type | Dollar amount | Other Market Income Note: If an Other Income Type is selected, both the Other Actual Income and Other Market Income must be provided. |
| 23.01.24 | Subtotal | Always required | Dollar amount | Total Other Market Income Calculated: The sum of Other Market Income for all income types. |
| 23.01.25 | Total | Always required | Dollar amount | Total Market Income Calculated: Total Monthly Market Rent + Total Other Market Income |
Comparable Rental Properties#
The Comparable Rental Properties subsection includes a thumbnail photo and basic information about the subject property and each rental comparable. These properties represent the most current, similar, and proximate comparable rental properties to the subject property. This analysis is intended to support the opinion of the market rent for each unit in the subject property.
- Each rental comparable represents a unit and not necessarily the entire comparable property.
- A rental comparable unit can be compared to more than one subject property unit.
Example#
- Comps 4 and 5 are two units in the same property.
- Comp 1 is compared to both subject units.
Subject Property Information#
Comparable Rental Properties - Subject Property Information
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| See iGuide | Subject Property | Always required | Photo | Property Photo Photo of the subject property, typically the front. |
| 23.02.01 | Subject Property | Always required | Free-form, in format that conforms to address standards in USPS Publication 28, Postal Addressing Standards | Property Address Populates from the Subject Property section 3.000. |
Comparable Property Information#
Rent Schedule: Comparable Rental Properties - Comparable Property Information
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| See iGuide | N/A | If available for each rental comparable unit | Photo | Property Photo Photo of the property, typically the front. Note: If provide, Rental Comparable photos redisplay in Rental Information Exhibits with the Comparable #. |
| 23.02.02 | Comparable # | Required for each rental comparable unit | 1, 2, 3 … | Rental Comparable #: The rental comparable unit that is being compared to one or more subject property units. |
| 23.02.03 | N/A | Required for each rental comparable unit | Free-form, in format that conforms to address standards in USPS Publication 28, Postal Addressing Standards | Rental Comparable Address Note: For properties with multiple units in the same building, a unique unit identifier must be included with the address of the comparable unit. |
| 23.02.04 | Data Source: | Required for each rental comparable unit | Choose one or more allowable answers from the Definition / Additional Guidance column | Rental Comparable Data Source - Assessor Record - Builder or Developer - Condominium Questionnaire - Cooperative Board - Cooperative Questionnaire - Data Aggregator - Exterior Inspection - HOA - Interior Inspection - Land Survey - MLS - Previous Appraisal File - Property Management Company - Property Owner - Property Tenant - Real Estate Agent - Other (Describe) |
| 23.02.04 | Data Source: | Required when Rental Comparable Data Source is MLS, or if applicable for other data sources | Free-form | Data Source Identifier: A unique number or identifier assigned to the rental comparable by the data source. Notes: - If Rental Comparable Data Source is MLS, the MLS number is required. - If a data source has an identifier, it must be reported on the URAR. |
| 23.02.05 | Lease Start Date: | If available for each rental comparable unit | mm/yyyy | |
| 23.02.06 | Actual Rent: | Always required for each rental comparable unit | Dollar amount | Monthly Actual Rent for Unit For the comparables, this information displays in the following subsections of Rental Information: - Comparable Rental Properties 23.02.06 - Comparable Rental Analysis Summary 23.03.45 |
Comparable Rental Analysis#
The Comparable Rental Analysis subsection, or "rental comparison grid", provides a consistent format to estimate the market rent of the subject property. Adjustments (in Adjusted Rent) should be made only when there is a market-supported difference between the comparable units and the subject property unit. The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rent for each unit in the subject property that is included in the Rental Information section.
Key Concepts#
Fields that are Not Applicable In the Rental Comparison Grid#
If a specific field in the rental comparison grid is not applicable for a subject unit or a given comparable unit, the cell is either grayed out or displays a dash (--).
Grayed Out Cells#
Information that is never applicable for the subject or comparables is grayed out in the rental comparison grid.
Example:
- Proximity to Subject, Overall Comparison to Subject, and Adjusted Rent are not applicable for the subject units and are always grayed out.
- Opinion of Market Rent (Monthly Market Rent for Unit) is not applicable for the comparable units and is always grayed out.
Cells Displaying a Dash#
Information that is not applicable for the appraisal displays a dash (--) in the rental comparison grid.
Example:
- If the subject or a comparable is not in a condominium, cooperative, or condop, and the row is included in the rental comparison grid, Project Name and Project Common Amenities/Services displays a dash for the applicable property to show that the information is not applicable.
How Rows Display in the Rental Comparison Grid#
There are two ways that rows display in the rental comparison grid depending on characteristics of the subject and / or comparables.
- Rows that always display
- Proximity to Subject
- Bedrooms
- Baths - Full | Half
- Finished Area
- Vehicle Storage | Spaces
- Summary subsection
- Rows that may display if relevant to provide support for Adjusted Rent
For a full list, see Appendix F-1: URAR Reference Guide Supplement - Summary of Rows in Comparable Grids.
General Guidance on Rows that May Display#
Some rows display on the rental comparison grid if relevant:
- To report meaningful attributes, or
- To support conclusions, scope of work, or policy
Notes:
- These rows must be brought into the rental comparison grid when there is relevant and meaningful information for the subject and all comparables, and adding the row leads to credible results. Not reporting a meaningful attribute can be misleading by omission.
- These rows are indicated in this chapter with the Report Label in blue italics, and "If relevant" in the "When Row Displays" column.
Additional Rows#
One or more additional rows may be added to the rental comparison grid to provide context and impactful details. These rows must only be used when atypical characteristics are observed. Do not add rows for information that is already available as a predefined row.
Unit to Unit Comparison#
Each comparable column provides a unit-to-unit comparison instead of a property-to-property comparison. Comparable units must be provided for each subject unit that is included in the Rental Information section.
- Each subject property unit has its own rental comparison grid.
- Each comparable represents a unit and not necessarily the entire property.
- A comparable unit may be compared to more than one subject unit.
Comparison to Subject Unit#
Some features (rows) in the rental comparison grid require a comparison to the subject unit instead of reporting the specific characteristics of the comparable unit.
- Project Common Amenities / Services
- Site Influence
- View from Unit
- Vehicle Storage | Spaces
- Overall Comparison to Subject
Rental Information: Comparison to Subject Unit
| Allowable Answer | Definition / Additional Guidance |
|---|---|
| Superior | The feature in the comparable unit has greater market demand than the subject unit. |
| Similar | The feature in the comparable unit has equivalent market demand compared to the subject unit. |
| Inferior | The feature in the comparable unit has less market demand than the subject unit. |
Adjusted Rent#
The analysis of comparable rentals reflects market reaction to significant variations between the comparable units and the subject unit.
Adjusted Rent (23.03.47) is the sum of the appraiser's analysis of the differences between the subject unit and the comparable unit. Although no adjustments are made within the rental comparison grid, the appraiser must consider the differences and reflect any market reaction in the final adjusted rent for each rental comparable.
Heading at the Top of each Rental Comparison Grid#
There is a separate rental comparison grid for each subject property unit that is included in the Rental Information section.
Rental Information: Comparable Rental Analysis - Rental Grid Heading
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 23.03.01 | Subject | Displays if applicable | Free-form | Unit Identifier Redisplays from 23.01.01. |
| 23.03.24 | # | Required for each rental comparable | 1, 2, 3 … | Rental Comparable #: The rental comparable unit that is being compared to the subject property unit. Redisplays from 23.02.02. Note: Each rental comparable represents a unit and not necessarily the entire comparable property. |
Rental Comparison Grid#
Rental Information: Rental Comparison Grid
| Report Field ID | Report Label | When Row Displays | When to Include for each Comparable Unit | Allowable Answers / Format | Origin of Subject Property Information | Adjustable Row | Definition / Additional Guidance |
|---|---|---|---|---|---|---|---|
| 23.03.25 | Proximity to Subject | Always | Always required | Number of miles or kilometers | Proximity to Subject is only applicable to comparables | No | Proximity to Subject Note: Can be 0, such as when the comparable is in the same building as the subject property or an adjacent property. |
| 23.03.25 | Proximity to Subject | Always | Required if Proximity to Subject is not 0 | Choose an allowable answer from the Definition / Additional Guidance column | Direction from Subject to Comparable is only applicable to comparables |
No | Direction from Subject to Comparable - E - N - NE - NW - S - SE - SW - W |
| 23.03.02 23.03.26 |
Neighborhood Name | If relevant | Required when the row is included in the rental comparison grid | Free-form | Subject Property - Neighborhood Name 3.003 |
No | Note: Neighborhood name may not apply in some areas, such as rural areas. In this case, enter None when the row is included in the rental comparison grid. |
| Not on Report | This is an appraiser input that does not display in the rental grid | N/A | Always required | Yes | No | Subject Property - Property in a PUD 3.010 |
No | Property in a PUD: Indicates whether the property is in a PUD. |
| Not on Report | This is an appraiser input that does not display in the rental grid | N/A | Always required | Yes | No | Subject Property - Property in a Project 3.011-3.012-3.013 |
No | Property in a Project - Yes (the property is in a condominium, cooperative, or condop) - No (the property is not in a condominium, cooperative, or condop) |
| 23.03.03 23.03.27 |
Project Name | If relevant | Required if the comparable is in a condo, co-op, or condop, and the row is included in the rental comparison grid | Free-form | Project Information - Project Name 18.004 |
No | |
| 23.03.04 | Project Common Amenities / Services | If relevant | Common Amenities / Services is not reported for comparables | Project Information - Common Amenities / Services 18.012 |
No | ||
| 23.03.28 | Project Common Amenities / Services | If relevant | Required if the comparable is in a condo, co-op, condop, or PUD, and the row is included in the rental comparison grid | Superior, Similar or Inferior | Common Amenities / Services Comparison to Subject is only applicable to comparables | No | Common Amenities / Services Comparison to Subject: Describes how the comparable's project common amenities and services compare to those of the subject property. |
| 23.03.05 | Site Influence | If relevant | Site Influence is not reported for comparables | Site - Site Influence 4.025 - Body of Water Type 4.027 |
No | Note: If Site Influence is Body of Water, Body of Water Type displays. | |
| 23.03.29 | Site Influence | If relevant | Required when the row is included in the rental comparison grid | Superior, Similar or Inferior | Site Influence Comparison to Subject is only applicable to comparables | No | Site Influence Comparison to Subject: Describes how the comparable's site influences compare to those of the subject property. |
| 23.03.06 | View from Unit | If relevant | View from Unit is not reported for comparables | Choose one or more allowable answers from the Definition / Additional Guidance column | View from Unit does not populate from Site; the appraiser must enter information for each unit in the Rent Schedule | No | The view(s) from the subject unit. - Bay - Canal - City Street - Commercial - Cove - Creek - Golf Course - Gulf - High Density Residential - Highway - Industrial - Lake - Marsh - Mountain - Ocean - Park - Parking Lot - Pastoral - Pond - Reservoir - Residential - River - School - Skyline - Sound - Traffic Wall Barriers - Valley - Woods - Other (Describe) |
| 23.03.30 | View from Unit | If relevant | Required when the row is included in the rental comparison grid | Superior, Similar or Inferior | View Comparison to Subject Unit is only applicable to comparables | No | View Comparison to Subject Unit: Describes how the comparable unit's views compare to those of the subject unit. Note: The comparison is to each subject unit, so the answer may not always be the same if a comparable unit is used more than once in the rental comparison grid. |
| 23.03.07 23.03.31 |
Floor Number | If relevant | Required when the row is included in the rental comparison grid | Free-form | Unit Interior - Floor Number 10.018 |
No | The building floor number where the entrance to the unit is located. Examples: 1, 2, B1, B2 |
| Not on Report | This is an appraiser input that does not display in the rental grid | N/A | Always required | Yes | No | Subject Property - Site Owned in Common 3.015 |
No | Site Owned in Common: Indicates whether land associated with the property is owned by an association, such as a condominium project, cooperative, or condop. - Yes (the land supporting the dwelling is commonly owned through an association such as a condo, co-op or condop). - No (the homeowner owns or leases the land sole and separate from another entity). |
| 23.03.08 23.03.32 |
Site Size | If relevant | Required if Site Owned in Common is No and the row is included in the rental comparison grid | Number of acres, square feet, hectares, or square meters | Site - Total Site Size 4.000 |
No | |
| 23.03.09 23.03.33 |
Grade Level | If relevant | Required when the row is included in the rental comparison grid | Choose an allowable answer from the Definition / Additional Guidance column | Grade Level of Unit does not populate from Unit Interior; the appraiser must enter information for each unit in the Rent Schedule | No | Grade Level of Unit - Above Grade - Fully Below Grade - Partially Below Grade Reference published guidelines by the GSEs, government agencies, or other identified secondary marketing participants for specific guidance. |
| 23.03.10 23.03.34 |
Interior Condition | If relevant | Required when the row is included in the rental comparison grid | C1 to C6 | Unit Interior - Interior Condition Rating 10.035 |
No | Reference Appendix 2: Condition and Quality Rating Definitions for definitions. Note: For the subject property, reflects the condition as if any required repairs, inspections, or completions have been satisfactorily completed. |
| Not on Report | This is an appraiser input that does not display in the rental grid | N/A | Always required | Choose an allowable answer from table (Structure Type) | - Structure Type Not on Report | No | Structure Type: The type of structure that contains the rental unit or ADU. - Dwelling - Outbuilding |
| 23.03.11 23.03.35 |
Bedrooms | Always | Always required | Number | Unit Interior - Total Bedrooms 10.023 |
No | |
| 23.03.12 23.03.36 |
Baths - Full | Half | Always | Always required | Number | Unit Interior - Total Bathrooms - Full 10.024 |
No | |
| 23.03.12 23.03.36 |
Baths - Full | Half | Always | Always required | Number | Unit Interior - Total Bathrooms - Half 10.025 |
No | |
| 23.03.13 23.03.37 |
Finished Area | Always | Always required | Number of square feet | Unit Interior - Above Grade Finished Area 10.003 - Above Grade Finished Area (Nonstandard) 10.004 - Below Grade Finished Area 10.006 - Below Grade Finished Area (Nonstandard) 10.007 |
No | Finished Area of Unit: The total finished area of the unit regardless of grade level. - For the subject property, calculated: Above Grade Finished Area + Above Grade Finished Area (Nonstandard) + Below Grade Finished Area + Below Grade Finished Area (Nonstandard). - For the comparables, report all finished areas regardless of grade level, standard or nonstandard, as a single number in Finished Area of Unit. |
| 23.03.14 23.03.38 |
Furnished | If relevant | Required when the row is included in the rental comparison grid | Yes | No | Rental Information - Unit Furnished 23.01.10 |
No | Unit Furnished: Indicates whether furniture is included in the rent for the unit. |
| 23.03.15 23.03.39 |
Utilities / Services Included | If relevant | Required when the row is included in the rental comparison grid | Yes | No | Rental Information - Utilities / Services Included 23.01.09 |
No | Utilities / Services Included: Indicates whether any utilities and services (e.g., electric, heat, water, or internet) are included in the rent for the unit. |
| 23.03.16 23.03.40 |
Rent Control | If relevant | Required when the row is included in the rental comparison grid | Yes | No | Rental Information - Unit Subject to Rent Control 23.01.07 |
No | Unit Subject to Rent Control: Indicates whether the unit is subject to rent control. |
| 23.03.17 23.03.41 |
Rent Concessions | If relevant | Required when the row is included in the rental comparison grid | Yes | No | Rental Information - Rent Concessions 23.01.08 |
No | Rent Concessions: Indicates whether monetary concessions are included in the terms of the lease for the unit. |
| 23.03.18 | Vehicle Storage | Spaces | Always | Vehicle Storage Type for Unit is not reported for comparables | Choose an allowable answer from the Definition / Additional Guidance column | Vehicle Storage Type for Unit does not populate from Vehicle Storage; the appraiser must enter information for each unit in the Rent Schedule | No | Vehicle Storage Type for Unit The type of parking spaces specifically dedicated to the unit. - None (subject unit does not have any available vehicle storage) - Carport - Common Carport - Driveway - Garage - Open Lot - Parking Garage - Shared Driveway - Other (Describe) |
| 23.03.18 | Vehicle Storage | Spaces | Always | Dedicated Parking Spaces for Unit is not reported for comparables | Number | Number of Dedicated Parking Spaces for Unit does not populate from Vehicle Storage; the appraiser must enter information for each unit in the Rent Schedule | Number of Dedicated Parking Spaces for Unit: The number of parking spaces specifically dedicated to the subject unit within the indicated Vehicle Storage Type. - Enter zero (0) for common parking areas in which the subject unit does not have any dedicated spaces. - If the vehicle storage is shared, only include spaces specifically dedicated to the subject unit. |
|
| 23.03.42 | Vehicle Storage | Spaces | Always | Required when the row is included in the rental comparison grid | Superior, Similar, or Inferior | Vehicle Storage Comparison to Subject Unit is only applicable to comparables | Vehicle Storage Comparison to Subject Unit: Describes how the dedicated vehicle storage for the comparable unit compares with the subject unit. Note: The comparison is to each subject unit, so the answer may not always be the same if a comparable unit is used more than once in the rental comparison grid. |
|
| 23.03.20 23.03.43 |
Additional data element displays as the Report Label 23.03.19 | If relevant | Required when the row is included in the rental comparison grid | Free-form | Additional Row does not populate from other sections; the appraiser must enter information for each unit in the Rent Schedule | Additional Row This row displays on the rental comparison grid when an additional data element is needed that is not predefined. Note: Only put one data element in each row and add additional rows as needed for other data elements. |
Comparable Rental Analysis - Summary#
Rental Information: Comparable Rental Analysis - Summary
| Report Field ID | Report Label | When Row Displays | When to Include for each Comparable Unit | Allowable Answers / Format | Origin of Subject Property Information | Adjustable Row | Definition / Additional Guidance |
|---|---|---|---|---|---|---|---|
| 23.03.21 23.03.44 |
Rent Per Finished Area | Always | Always required | Dollar amount | Rental Information - Monthly Actual Rent for Unit 23.01.04 - Finished Area of Unit 23.03.13 |
No | Calculated: Monthly Actual Rent for Unit / Finished Area of Unit |
| 23.03.22 23.03.45 |
Actual Rent | Always | Always required. Redisplays from 23.02.06. |
Dollar amount | Rental Information - Monthly Actual Rent for Unit 23.01.04 |
No | Monthly Actual Rent for Unit For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Subject Property Rental Information 23.01.04 - Actual Income (Monthly) 23.01.13 - Comparable Rental Analysis Summary 23.03.22 |
| 23.03.46 | Overall Comparison to Subject | If relevant | Required when the row is included in the rental comparison grid | Superior, Similar, or Inferior | Overall Comparison to Subject Unit is only applicable to comparables | No | Overall Comparison to Subject Unit: Describes how the comparable unit compares overall to the subject unit. |
| 23.03.47 | Adjusted Rent | Always | Always required | Dollar amount | Adjusted Rent is only applicable to comparables | No | The appraiser's market-supported overall adjustment for the difference(s) between the comparable and the subject unit's characteristics. |
| 23.03.23 | Opinion of Market Rent | Always | Opinion of Market Rent is not reported for comparables | Dollar amount | Rental Information - Monthly Market Rent for Unit 23.01.20 |
No | Monthly Market Rent for Unit: The monthly dollar amount that is expected to be received as rental income at full market price for the single living unit. For the subject property, this information displays in the following subsections of Rental Information: - Rent Schedule - Opinion of Market Income (Monthly) 23.01.20 - Comparable Rental Analysis Summary 23.03.23 |
| 23.03.48 | Comparable Weight | Always | Always required | Choose an allowable answer from table (Comparable Weight) | Comparable Weight is only applicable to comparables | No | The relative emphasis given to the comparable unit by the appraiser in determining the market rent for the subject unit. Examples of scenarios with 3 comparables: - The appraiser relied primarily on 2 comparable units that were given equal consideration and included a third comparable as supporting the data. Select Most, Most, and Less. - The appraiser relied primarily on 1 comparable unit that was given most consideration, and included 2 comparable units that were considered to be representative but less relevant than the primary comparable. Select Most, Less, and Less. - All comparable units were equally considered good market indicators. Select Most, Most, and Most. |
Comparable Weight - Choose one answer for each Comparable
| Allowable Answer | Definition / Additional Guidance |
|---|---|
| Most | The contribution of the comparable unit was given more or most emphasis compared to other comparable units. |
| Less | The contribution of the comparable unit was given less emphasis than comparable units weighted as Most. |
| No Weight | The comparable unit was included but given no weight. Examples: - The comparable unit is similar to the subject unit, but was given no weight due to extenuating circumstances, such as a model match that was not a typical market lease. - To show support for a property characteristic of the subject, when the comparable overall is not considered a reliable indicator of the market. |
Rental Analysis Commentary#
The Rental Analysis Commentary subsection always displays.
Rental Information - Rental Analysis Commentary
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 23.04.01 | Rental Analysis Commentary | Always required | Free-form | Report additional details and analysis to support conclusions, including how Comparable Weight was determined. |
Rental Information Exhibits#
All photos or images related to the Rental Information section are displayed in the Rental Information Exhibits subsection. If there are no photos or images, this subsection does not display.
Rental Information Exhibits
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| See iGuide | Rental Information Exhibits | Always required | Image | Map of Subject and Rental Comparables A map of the subject and rental comparables must be provided, which can display in Rental Information Exhibits with the caption "Map of Rental Comparables". An additional caption may be provided. Note: Can be provided as one map in the Sales Comparison Approach section. |
| See iGuide | Rental Information Exhibits | If relevant | Photo | Property Photo Photos of the comparable rental properties display in this subsection with the Comparable #. The thumbnails from the Comparable Rental Properties subsection are redisplayed, in addition to any other photos for the comparable. An additional caption may be provided. |
| See iGuide | Rental Information Exhibits | If relevant | Photo or image | Rental Information Exhibit Other photos or images related to the Rental Information section may be provided which display in Rental Information Exhibits. A caption should be provided to further describe the photo or image. |