The importance of rent comparability studies is often overlooked, but they have a significant impact on the revenue and market value of Section 8 properties. A rent comp study is the owner’s chance to establish the market rent for a property for the next five years. Therefore, it is important to make sure the rent comp study is done correctly and reflects the full value of the property.
The preparation of rent comp studies is a principal focus of Van Hazinga Appraisal & Consulting. Andrew Van Hazinga has focused on the appraisal of multi-family properties since 2007 and has extensive experience with these types of assignments. I have completed rent comparability studies for properties ranging from an eight-unit group home for developmentally-disabled adults to a small city of over 1,400-units in four phases.
Andrew Van Hazinga is also experienced in tackling sophisticated assignments that add additional requirements to the rent comp study, such as:
- Estimating the market value of the availability of wellness services designed to support the health & independence of elderly & disabled residents.
- Consulting assignments to assist in the development of enhanced wellness programs & how they would be valued in the market.
- “As Is” & “As Proposed” values for properties with planned improvements.
- Phased assignments to allow for planning for acquisition or possible renovations.
No matter what the property type, Van Hazinga Appraisal & Consulting has the experience and expertise to complete a rent comp study that is delivered on time, fully-supported by market data, stands up to review, and reflects the full market value of the property.
Please contact Andrew Van Hazinga for more information.