Market rent is described (in the Residential Tenancies Act) as what a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay for the tenancy, in comparison with rent levels for similar properties in similar areas.

Market rent is a useful guide when you are deciding what the rent will be. It needs to be comparable to the rent charged for other properties of a similar type, size and location. (If you are charging significantly higher rent than for other similar properties, the Tenancy Tribunal can order you to reduce it.)