What term refers to the rent that could be obtained by renting a property on the open market?

Market rent is the term used to describe the rent that could be obtained by renting a property on the open market. It reflects the amount that a property would typically garner based on current economic conditions, comparable properties, and other factors influencing real estate market demand. This figure can vary widely depending on location, property type, and prevailing market conditions.

Understanding market rent is crucial for landlords and investors, as it helps determine the potential income a property can generate, influencing investment decisions, property valuations, and overall market strategies. It represents the "going rate" for similar properties in a specific area, contrasting with other rent types like contract rent or lease rent, which might reflect specific agreements or conditions not necessarily aligned with current market conditions.