18Determining market value rent

#### 18 Determining market value rent (1A) In these Regulations, the market value rent for an approved rental dwelling for a year of an incentive period in respect of the dwelling is: (a) for the period of 12 months beginning when the dwelling is first available for rent under the National Rental Affordability Scheme—the market value rent for the dwelling, assessed under subregulation (1) for the purpose of obtaining a market rent valuation of the dwelling under paragraph 16(4)(a); and (b) for the fifth year of the incentive period in respect of the dwelling—the market value rent for the dwelling at the end of the fourth year of the incentive period, assessed under subregulation (1) for the purpose of obtaining a market rent valuation of the dwelling under paragraph 16(4)(b); and (c) for the eighth year of the incentive period in respect of the dwelling—the market value rent for the dwelling at the end of the seventh year of the incentive period, assessed under subregulation (1) for the purpose of obtaining a market rent valuation of the dwelling under paragraph 16(4)(b); and (d) for any other year (the relevant year) of the incentive period in respect of the dwelling—the market value rent for the dwelling for the year immediately preceding the relevant year, indexed on the first day of the relevant year in accordance with the NRAS market index, and rounded to the next whole dollar. (1) In these Regulations, the market value rent for an approved rental dwelling, for the purpose of obtaining a market rent valuation of the dwelling under paragraph 16(4)(a) or (b), is the amount assessed as the market value rent for the dwelling in a written valuation prepared by a valuer who: (a) is registered as a valuer: (i) in the State or Territory in which the dwelling is located; and (ii) with a professional organisation that has a code of conduct and adopts the professional practice standards of the Australian Property Institute; and (b) has no commercial relationship with, or interest in: (i) the registered owner or manager of the dwelling; or (ii) a recipient of a Commonwealth, State or Territory government benefit in relation to the dwelling. (2) A valuer preparing a valuation under subregulation (1) must assess the market value rent of an approved rental dwelling on the basis of the condition in which the dwelling is to be rented, including whether the dwelling will be rented fully or partially furnished.