What term is used to describe the current rent obtainable by offering a property in the open market?

The term that describes the current rent obtainable by offering a property in the open market is known as market rent. This concept refers to the rental amount that a property would likely fetch if it were available for rent on the open market, taking into account current conditions such as demand, supply, location, and property features. Market rent is essential for landlords and property managers to assess the competitiveness of their pricing and for prospective tenants to determine fair market value.

In contrast, the other terms convey different aspects of rental agreements. Investment rent generally refers to the return that an investor expects to earn from a property. Contract rent pertains to the specific amount set within a lease agreement, which may differ from market conditions. Operating rent usually encompasses the costs incurred for running and maintaining a rental property, rather than the income derived from renting it out. Each of these terms has its place in real estate discussions, but market rent specifically addresses the potential rental income based on current market dynamics.