Reference is made to apartment rental rates when:
- Defining a property's income potential, when a property appears to be under utilized in comparison with its competitors (see Asset Manager report);
- Comparing a property’s operations to submarket competitors, placing the subject property into Context with competitive communities (see Asset Manager report);
- Comparing a submarket's relative market strength (in rental rate terms) in comparison with other submarkets, or the metropolitan area as a whole (see Pace report);
- Defining a market/submarket environment (i.e. low, high and average rental rates), setting aside concerns relating to specific properties (see Array or Pace report);
- Comparing a subject property's Rental rates with competitive property rents – This property-to-property comparison illustrates both Actual and Market Standard rental rates among compared properties to a subject property’s rental rates (see Orbit and Asset Manager reports).
As the two applications of reference – Property-Related and Market Related – are concerned, rents are represented as either Actual or Market Standard as:
Property-Specific Rent Illustrations
Property-specific rental rate comparisons provide:
Unit-by-Unit – When a unit-by-unit rent comparison is made, rental rates of a particular unit type are compared with all units of the same type serving the submarket. This comparison relates the selected floorplan's rents to rents among competitive properties under either an Actual, or Market Standard, rent.
Property-to-Property – The Orbit survey provides a property-to-property comparison, illustrating a subject property, and competitive property, rents as both Actual and Market Standard – by individual floorplan.
Property Description – A property's current rents, are held as Actual rents charged by the property at the time of survey. A property’s rental rate history illustrates September-October Benchmark survey period rental rates.
Market -Specific Rent Illustrations
When reference defines rental market conditions within a geographic area, (as opposed to illustrating a specific property’s rents), market rental rate parameters (area low, high and average rents) are illustrated as Market Standard rents.