Market rent is described (in the Residential Tenancies Act) as what a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay for the tenancy, in comparison with rent levels for similar properties in similar areas.
Market rent is a useful guide when you are deciding what the rent will be. It needs to be comparable to the rent charged for other properties of a similar type, size and location. (If you are charging significantly higher rent than for other similar properties, the Tenancy Tribunal can order you to reduce it.)
Find out more by clicking here to go to the DBH website.
If you have any conveyancing queries, please feel free to contact the QCL’s friendly property team.
John Jon (firstname.lastname@example.org / 09 970 8829)
Tina Hwang (email@example.com / 09 970 8812)
Jan Chen (firstname.lastname@example.org / 09 970 8827)