market rent

Definition

The generally accepted price to lease a space for residential or commercial purposes. For example, a 2,000 square-foot office space will be listed for rent at $1,000 because similar spaces in the local market are leasing at that price.

Use market rent in a sentence

You should try and shop around so that you know that you are not paying more than the market rent.

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I wanted to know the market rent, so I could determine, whether or not I could afford the place for my new business.

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The market rent was higher than what the current tenant was paying so the landlord offered the tenant the option of moving out or paying more.

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market rents Section 8 housing