Property Valuation
What is 'market rent' in Rhode Island as distinct from 'contract rent'?
AMarket rent is what a tenant pays; contract rent is what the landlord charges
BMarket rent is the current competitive rent for similar space; contract rent is what a specific tenant currently pays under their lease (which may be above or below market)✓ Correct
CThey are the same
DContract rent applies only to commercial leases
Explanation
Market rent is the rent a space would command in the open market between willing landlord and tenant. Contract rent is the actual rent being paid under an existing lease, which may differ from market rent due to when the lease was signed.
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