Comparable evidence is the level of rental being achieved for similar types of property in the same area as the property under review.
Often the most reliable comparable evidence is found close to the subject property, however, sometimes evidence can be scarce and the valuers must look further afield.
It is up to the valuer to quantify the differences between the comparable evidence and the subject property. Differences include location, size, and date of transaction, lease terms and the physical condition of the property.
The quality of comparable evidence available can vary. The ‘Hierarchy of Evidence’ ranks the different types of comparable evidence to show which is’best’ evidence, to which most weight should be attributed when forming an opinion of rental value.