Rental value is the fair market value of property while rented out in a lease. More generally, it may be the consideration paid under the lease for the right to occupy, or the royalties or return received by a lessor (landlord) under a license to real property.[1] In the science and art of appraisal, it is the amount that would be paid for rental of similar real property in the same condition and in the same area.[2][3]