Commonwealth Numbered Regulations

NATIONAL RENTAL AFFORDABILITY SCHEME REGULATIONS 2020 (F2020L00282) - REG 37

             (1)  The market value rent for a period or incentive year referred to in paragraph 36(1)(a), is the market rent for the dwelling as assessed by a valuer for a day during the 13 weeks immediately before the beginning of the period or year.

             (2)  The valuation must be in the approved form and prepared by a valuer who:

                     (a)  if the State or Territory in which the dwelling is located requires valuers to be registered--is registered in that State or Territory; and

                     (b)  is a member, and at least an Associate Member, of the Australian Property Institute or the Australian Valuers Institute; and

                     (c)  has no commercial relationship with, or interest in, a person who is:

                              (i)  an investor in relation to the dwelling; or

                             (ii)  the manager of the dwelling; or

                            (iii)  a recipient of a Commonwealth, State or Territory government benefit in relation to the dwelling; and

                     (d)  has no interest in the approved participant in relation to the dwelling; and

                     (e)  if the valuer has a commercial relationship with the approved participant in relation to the dwelling--is dealing with the approved participant at arm's length.

             (3)  The valuer:

                     (a)  must assess the market rent of the dwelling on the basis of the condition in which the dwelling is to be rented, including:

                              (i)  whether the dwelling will be rented furnished or unfurnished; and

                             (ii)  whether any car parking spaces are included with the dwelling; but

                     (b)  must not take into account:

                              (i)  any optional car spaces; or

                             (ii)  any amenities, utilities, inclusions, allowances or services (however described) provided in connection with the dwelling.

             (4)  In preparing the valuation for the initial rental period, the valuer must attend and inspect the dwelling.

Note:          Later valuations may be "desktop" valuations.

Overlapping valuation periods

             (5)  If the fifth or eighth incentive year for the allocation begins within 13 weeks after the beginning of the initial rental period for the dwelling, the market value rent for the initial rental period is also the market value rent for that fifth or eighth incentive year.