Authored by David C. Lennhoff, MAI, SRA, AI-GRS, and Richard L. Parli, MAI, the Peer-Reviewed Article Revisiting Market Value and Market Rent was published in The Appraisal Journal – Winter 2020.

Abstract

It is hard to imagine more fundamental terminology in appraisal than market value and market rent. After all, usually these identify the question being answered in an appraisal, and if the question is wrong the answer cannot be right. Over the years, these two terms have been written about, modified, and debated. Still, even with a definition revision as recently as 2020, the two terms remain ambiguous and potentially confusing. The ramifications are serious. Appraisers supposedly providing opinions about the same thing end up answering different questions. The reader, client, and public in general are left confused. Public trust is diminished. This article addresses the remaining ambiguity in the terms, as currently defined, and offers suggested revisions that should clear up the confusion.

Read the full article here: Revisiting Market Value and Market Rent