Our Rent Definitions
Rental rates are illustrated under two formats - Actual and Market Standard; each format can be referenced independently in data illustration. The two formats define as:
Actual Rent (Street Rent) - The rate a property charges residents to occupy an apartment. No adjustments are applied.
Market Standard Rent - Rents are adjusted from Actual rents. Adjustments reflect the condition that apartment rental rates among floorplans of the same type vary from property-to-property as a consequence of qualitative characteristics influencing desirability, and/or elements of tangible (quantifiable) value included in rental rates. When elements of tangible value are included in a property's rents those elements are recognized in the form of deductions from, or additions to, actual rents to define a Market Standard rental rate.
The Market Standard rent places all properties on a similar plane, eliminating readily quantifiable inequalities (utilities, washers & dryers, direct-access garages, fireplaces) included in rental rates, and adding adjustments when residents pay water, sewer, or trash collection expenses, adjusting rents to a common-denominator. This Market Standard rent adjustment allows direct comparison of a submarket's rents with other submarkets, or adjusts individual unit type rents to a basis allowing more direct comparison with other units of the same type serving a submarket.