Market Rent Valuation – Rent Review

‘Market rent’ as defined by the International Valuation Standards Council (IVSC) refers to: “the estimated amount for which a property should be leased between a lessor and a lessee in an arm’s length transaction.”

Seeking out a market rent valuation in Melbourne for rent review purposes is an essential requirement for tenants and landlords. A rental review can either occur at the renewal of the lease or sometimes halfway through the lease. The purpose of this is to ensure the ongoing fair market rent is paid for the property in the most unbiased and transparent way possible.

With a market rent valuation, determining the correct amount of rent payable is contingent on a variety of factors. Our property valuation methods look at, economic climate, property location, size and proximity to local amenities. As a tenant, it’s important to understand your tenant rights in requesting a rental review. This review is essential in ensuring a fair rent is set according to the current rental value.

Each rent valuation report is professionally detailed, providing a comprehensive report. When writing this report, a valuer will look into the following:

• The condition of the property
• Comparable Rentals
• Current Lease agreement
• Other areas of concern as specified by the tenant

These considerations apply no matter what sort of rental valuation is being conducted, this includes a residential, industrial, or commercial property valuation. In the case of a commercial or industrial property valuation, a specialist of those particular property types should be assigned. This ensures all relevant factors are accounted for, and the right methods are used for the valuation so that it accurately reports the information the client is looking for.

Market Rent Reviews & Valuations

As an independent valuation company, Melbourne Property Valuers Metro are not tied to any third-party establishments. We can guarantee an accurate independent rent review valuation that is unbiased. Whenever we conduct a rent review, it is important to us to make sure that both parties are aware of the current rental value of the property. That is why we provide reports that are impartial and based on objective facts and figures.

Several variables can influence the rent paid for a property, including shifts in the market, changes to local infrastructure, and variations in customer traffic. It’s essential to work with a property valuation service that has the expertise to identify and analyse these factors. As Certified Practising Valuers (CPVs) accredited by the Australian Property Institute (API) and also holding AVI and RICS qualifications, our team ensures you receive top-tier service and a wealth of knowledge. Our Senior Valuers, each with over 20 years of experience and specialising in rental review, guarantee a quality valuation report that is both accurate and comprehensive. The information that is included in a rent valuation report includes:

• The location of the property – Our expertise in the Melbourne Metropolitan area aids in this arena
• The size of the property – which is important to work out the price per square meter rate
• The quality of all interior fixtures and features
• The overall condition of the property which includes details of recent renovations and any structural issues
• Details of comparable properties – which are used to determine your property’s market value

If you have a need for determining the fair market rent of a property, single property or large-scale development, look no further than Melbourne Property Valuers Metro. To speak to a Melbourne property valuer or to request a free quote, please contact us today at (03) 9021 2007 or fill out an online enquiry form. We won’t be beaten on price or service!