Kris - Thanks for starting the conversation. If I understand correctly, you are using market value and asking rent for your units interchangeably.

You are right that there are many sources to gauge what comparables are renting. While there are deviations from asking/advertised rents to what is actually materialized or paid by the renter, there is a much bigger factor in all this - all competition is not the same. Besides product quality and attributes, there are huge variations in pricing sophistication among competitors. At RainmakerLRO, we believe (I am sure all Revenue Optimization vendors and practitioners agree with this comment) competitors' asking rents should be only a part of your price setting and in some scenarios very small (for example, little to no vacancy, strong traffic etc.) and in some scenarios could be fairly large (large exposure etc.). So it is more than just looking at the competitive landscape. Hence, IMO market value is constantly changing based on not just what competitors are charging, but also other factors that are specific to your property. Studies have shown, operators who understand these and adjust their strategies & tactics accordingly will gain bigger share of the value pie.