Service
Rent Comparability Study review
A substantive review of a Rent Comparability Study submitted for a Section 8 contract renewal, performed under Chapter 9 of HUD's Section 8 Renewal Policy Guide. Each review ends with a stated disposition and the corrections the study needs.
What the review covers
- Screening and completeness. Appraiser qualifications, inspection, scenarios, and the items Chapter 9 requires in the study.
- Comparable selection. Location, unit types, building type and age, and whether the comparables reflect the subject's market.
- Adjustments. Gross and net adjustment levels, utility and amenity adjustments, and internal consistency across grids and scenarios.
- Rent conclusions. Concluded rents by unit type, with the Small Area Fair Market Rent tests that determine whether HUD must commission its own study.
- Disposition. Accept, accept with corrections, or reject, with a correction list the appraiser can work from.
Best for
Performance-Based Contract Administrators and HUD staff reviewing Section 8 renewal submissions.
Questions
Rent Comparability Study review, answered
Flat fee, quoted before work starts. Coverage in all 50 states and Puerto Rico.
What is a Rent Comparability Study?
An appraiser's study of market rents for the units in a Section 8 property, used to set rents when a project-based contract is renewed. Chapter 9 of HUD's Section 8 Renewal Policy Guide sets the requirements.
What happens if the study's rents are too high?
Chapter 9 sets tests against Small Area Fair Market Rents. When a study's rents exceed them, HUD commissions its own independent study before renewing at those rents. The review states whether that test is triggered.
How long does a review take?
Turnaround is quoted with the fee when the study is sent.