The highest rent that a landlord/ lessor can obtain for the premises offered for letting on the open market. It is the reasonable rental value of comparable premises in the same area (suburb, town, etc.) within which the premises are located.

Reasonable rental value is a rental which is said to be reasonable having taken into consideration to all conditions and circumstances which are deemed to be relevant. In other words, this value is affected by the general level of rents for comparable properties in a given area. It also depends on the final use intended from the premises. If a property allows potential tenants/ lessees to use it for a variety of purposes (offices or storehouse, or both), then the open market rental value will be at its highest end as the property will be valued at the most valuable purpose (in the example, for being available for use as offices).

This value is also term market rent, current market rent, current market rental value, etc.