Rental valuations are undertaken to determine the market rental value of a property. Market rental value is defined as:
"The estimated amount for which premises should rent, as at the relevant date, between a wiling lessor and a wiling lessee in an arms-length transaction, wherein the parties had each acted knowledgably, prudently, and without compulsion , and having regard to usual market terms and conditions for leases of similar premises"
Often a valuer will be appointed in accordance with lease terms to determine the rental in accordance with an existing lease. The appointment for determinations generally come from the Australian Property Institute but are sometimes made following agreement between the parties to appoint a particular valuer.