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Market rent is described in the Residential Tenancies Act as the rent amount a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay, for a tenancy. It needs to be similar to the rent charged for similar properties in similar areas. Market rent is a useful guide for landlords when they’re deciding what the rent will be. Note that if a landlord charges significantly higher rent than the market rent, a tenant can apply to the Tenancy Tribunal asking for the rent to be reduced. Market Rent data is crown copyright and licensed under a creative commons attribution 3.0 NZ licence. Please see following link to explanatory information: