Market rent
RICS Valuation – Global Standards, Effective from 31 January 2022, Published by the Royal Institution of Chartered Surveyors (RICS) in November 2021, defines market rent (MR) as: ‘The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.’
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