A rent study or appraisal determines an opinion of fair market value or fair market rent for aeronautical or non-aeronautical airport property (land and/or improvements). Based on the subject properties and contemplated uses, the most appropriate and direct approach will be utilized which may include an analysis of rental rates on a comparative basis for similar land and improvements at comparable, competitive, regional, and national airports to derive a supported market based rental rate for each component of the subject properties and/or using local market data and performing the applicable fundamental appraisal approaches to value (cost, sales comparison, and income). The recommended approach will be consistent with the appropriate agency and the FAA’s policy which provides airports the flexibility to establish fair market value or fair market rent for airport properties using reasonable, justified, and consistently applied methods.