Market Rent Valuation
Many commercial leases will include the provision for a market rent review and whether you are a landlord or tenant, it is recommended you obtain your own independent advice from a licensed valuer to ensure a fair rent is agreed.
In circumstances where a market rent can’t be agreed at a market rent review, many leases will include a provision for a rental determination by a valuer appointed by the President of the Australian Property Institute. Rowan Hemsley currently holds a position on the panel of valuers for such appointments.
There are also circumstances where a market rent assessment could be required for residential property, such as properties which are subject to a Defense Housing lease or the National Rental Affordability Scheme (NRAS)
A market rent assessment from a licensed valuer could also be required for Fringe Benefits Tax (FBT) by the ATO in instances where housing is provided by an employer. There are specific considerations which must be taken into account for these assessments and it is recommended advice from a suitably qualified accountant is first obtained.
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