Common use of Rent Reasonableness Clause in Contracts

Rent Reasonableness. Rent reasonableness means the total rent charged for a unit must be reasonable in relation to the rents being charged during the same time period for comparable, non-luxury units in the private unassisted market. Rent reasonableness is performed by one of the following 🗸 Performing a rental market analysis/study in the rental market where the rental is located in. The market analysis/study must be performed, at a minimum, annually and no more than quarterly. 🗸 Reviewing comparable units advertised for rent as detailed below When determining rent reasonableness, grantees must consider the following characteristics of the units to ensure they are comparable: location, quality, size, type, amenities, housing services, maintenance, and utilities included in the rent. Though units may have different features, they should be relatively comparable in based on their characteristics and amenities. Verification that the rent charged for this units do not exceed rents charged for other comparable units owned (for example, the landlord would document the rents paid in other units). Grantees must document rent reasonableness using the Rent Reasonableness Worksheet and attach all applicable backup documentation. For more information, see HUD’s guide at: xxxxx://xxxxx.xxxxxxxxxxx.xxxx/resources/documents/CoC- Rent-Reasonableness-and-FMR.pdf.

Rent Reasonableness. ‌ The rental assistance paid cannot exceed the actual rental cost, which must be in compliance with HUD's standard of rent reasonableness.  Rent reasonableness means that the total rent charged for a unit must be reasonable in relation to the rents being charged during the same time period for comparable, non-luxury comparable units in the private unassisted marketmarket and must not be in excess of rents being charged by the owner during the same time period for comparable non-luxury unassisted units. Rent reasonableness is performed by one of  To make this determination, the following 🗸 Performing a rental market analysis/study ingrantee should consider (a) the rental market where the rental is located in. The market analysis/study must be performed, at a minimum, annually and no more than quarterly. 🗸 Reviewing comparable units advertised for rent as detailed below When determining rent reasonableness, grantees must consider the following characteristics of the units to ensure they are comparable: location, quality, size, typeand age of the unit; and (b) any , amenities, housing services, maintenancemaintenance , and utilities included ito be provided by n thowner. Comparable rents can be checked by using a market study, by reviewing comparable units advertised for e rent. Though units may have different features, they should be relatively comparable in based on their characteristics and amenities. Verification thaor with a note from t the renproperty owner verifying the comparability of t charged for this units do not exceed rents charged foto r other comparable units owned (for example, the landlord would document the rents paid in other units). Grantees must document rent reasonableness using the Rent Reasonableness Worksheet and attach all applicable backup documentation. For more information, see HUD’s guid's worksheet on rent reasonableness e at: xxxxx://xxxxx.xxxxxxxxxxx.xxxx/resources/documents/CoC- Rent-Reasonableness-and-FMR.pxxxxx://xxx.xxxxxxxxxxx.xxxx/resource/2098/home-rent-reasonableness-checklist- and-certification/  A grantee must determine and document rent reasonableness for all units for which ESG rental assistance (including arrears) and/or security deposit assistance is being provided. The requirement applies whether homelessness prevention assistance or rapid re- housing assistance is provideddf.