The Vendor is required to provide to conduct rent comparability surveys (RCS) and rent reasonableness studies to support its commercial and residential properties.
- Property inspection & data collection
• The appraiser will perform a physical inspection of the property and surrounding market area, and data collection will include:
• Review of relevant zoning regulations, land-use plans, parcel size, and ownership records.
• Assessed values.
• Regional, city, and market analysis using data from local planning agencies, state and federal economic development departments, market research services (e.g., costar, parcel quest), and other relevant sources.
- Appraisal components
• The appraisal will be prepared in accordance with industry standards, including:
• As-is market value within 120 days before or after a property transaction.
• Valuation approaches: income and sales comparison approach.
• Hypothetical market value of the underlying land as if vacant.
• Restricted, as is value of the improvements (important for all subsidized/affordable/tax credit properties).
• Ground lease analysis (if needed as part of the appraisal).
• Analysis of purchase contracts, if applicable.
• Rent comparability survey (RCS) for subsidized housing programs in compliance with department form 92273-58 and renewal policy guidelines. - Market study components
• The market study will provide an in-depth overview of the market conditions, including:
• Executive summary, project description, market area delineation.
• Economic analysis: population, household, and income trends.
• Rent comparability, absorption rate, and demand estimate.
• A comprehensive analysis of the demand for units and absorption rates in the market area.
- Rent comparability survey (RCS) & market rent analysis
• The firm selected will perform a comprehensive rent comparability survey and market analysis, focusing on:
• Surveying rental rates, lease terms, amenities, and other characteristics for residential and/or commercial properties.
• Direct input from property representatives for accurate rent data.
• The rent comparability analysis will include comparisons of units based on size, quality, amenities, utilities, and lease terms, ensuring compliance with department guidelines.
- Rent reasonableness system development & implementation
• To support ongoing rent determinations, the firm will:
• The system should allow staff to compare prospective rental units to at least three comparable units stored in a centralized database.
• The database should be interactive and provide information on location, quality, size, age, amenities, and utilities of rental units.
• Ensure the system supports efficient rent comparisons based on the geographical area of county, including zip codes, census tracts, or neighborhoods.
• The system must be secure, with backup capabilities, quality assurance monitoring, and user access controls.
• Provide system functionality for multiple simultaneous users and ensure that system maintenance occurs outside of standard working hours.
- System support & training
• Provide training for staff to use the rent comparability system, including generating reports and making rent determinations.
• Ensure technical support and user-friendly experience.
• Provide technical assistance as needed for troubleshooting or updating the system.
• Provide user manuals to support system use, with training offered as necessary.
• Maintain the system with annual updates and a process for generating new rent comparability data.
- Contract Period/Term: 1 year
- First Pre-Proposal Meeting (Non-Mandatory) Date: May 15, 2025
- Questions/Inquires Deadline: May 20, 2025