Not enough rental info

[AnonApprsr]

Last year in several markets I cover the rental data was nonexistent or meaningless. I explained this in the appraisal by stating:

Due to current marketing conditions an accurate GRM could not be extracted, and as a result the Income Approach was not developed. The Sales Comparison Approach is the most reliable approach to market value for the Subject, considered sufficient support for the appraiser's opinion of the estimate of market value as of the effective date of this report.

In the marketing conditions section I would talk about the large amount of REOs, apparent investor activity, or instability of the rental market locally etc etc.


As PE points out though, you probably have to look a bit harder for data as you describe the situation. Talk to some brokers, a lot of brokers if need be. Look up landlords and start hitting the phone hard. Go door to door if you have to and talk to tenants.