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Hud Rent Comparability Studies
HUD Rent Comparability Studies
HUD?Rent Comparability Studies?include a detailed spreadsheet for each floor plan in the apartment complex.? When estimating market rent for most apartment complexes the appraiser or market analyst has the benefit of considering both rent comparables and recent arm’s length leases at the subject property.? However, since there are no arm’s length lease transactions at many apartment complexes with HUD residents, the appraiser is limited to considering data for the rent comparables (adjusted to the subject property). Selecting rent comparables is a key element of effectively preparing a rent comparability study. In some situations, the difficulty of correctly selecting rent comparables is compounded by a dichotomy of Section 8 properties and market rent properties. The Section 8 properties are often in better condition than the market properties. This makes it difficult to obtain rental data from true comparables within the immediate vicinity of the subject property.? Having this data available (i.e. no arm’s length leases at the subject property) adds to the challenge of preparing HUD Rent Comparable Studies.? (Appraisers have an idiom that “the best comparable is the subject.”) O’Connor & Associates has prepared hundreds of HUD Rent Comparability Studies, in addition to hundreds of HUD MAP market studies and appraisals and HUD Mark to Market appraisals. O’Connor & Associates is the largest independent appraisal firm in the southwestern US and has over 40 full-time staff members engaged full-time in valuation and market study assignments.? Their expertise includes HUD rent comparability studies, HUD MAP market studies and appraisals, HUD Mark to Market appraisals, feasibility studies, valuing real estate, business personal property, business enterprise value, purchase price allocation for businesses, valuation for property tax assignments, partial interest valuation, estate tax valuation, expert witness testimony and valuation for condemnation.? They have performed hundreds of HUD rent comparability studies. The appraisal division of O'Connor & Associates is a national provider of commercial property real estate appraisal services including due diligence, insurance valuations,property tax appeals, partial interest valuation, business personal property valuations, business purchase price allocations, single family litigation support and business valuations. All commercial property types benefit from our appraisal services including multi-family housing, retail stores, hospitals, hotels, industrial properties, manufacturing facilities, medical offices, commercial offices, restaurants, self-storage units, shopping malls, shopping plazas and warehouse/distribution centers.
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Article Tags: Due Diligence, Cost Segregation Studies, Insurance Valuations, Business Personal Property Valuations, Business Purchase Price Allocations, Single Family Litigation Support, Business Valuations Article Source: http://www.articlesbase.com/business-articles/hud-rent-comparability-studies-382598.html About the Author:
Patrick C. O'Connor has been president of O'Connor & Associates since 1983 and is a recipient of the prestigious MAI designation from the Appraisal Institute. He is also a registered senior property tax consultant in the state of Texas and has written numerous articles in state and national publications on reducing property taxes. He continues to set the standard in direction and quality of our appraisal products, adding services ranging from business valuations and business appraisals to cost segregation analysis for income tax reduction.
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