Property Valuation
What does 'market rent' mean in the context of a South Carolina property appraisal?
AThe rent currently being collected from tenants
BThe rent a property would likely command in the current open market✓ Correct
CThe average rent in the county
DThe rent agreed upon in the lease
Explanation
Market rent (economic rent) is the rent a property could command in the current competitive market. It may differ from contract rent (what's actually being charged) if the lease was signed when market conditions were different.
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