What is the mean monthly rental identified in the analysis?

To determine the mean monthly rental identified in the analysis, it’s important to understand that the mean is calculated by summing all rental amounts and dividing by the total number of rentals considered. If the final calculation results in 1,480, this indicates that when all collected rental data was averaged out, this figure represents the central tendency of the monthly rentals observed in the dataset.

Using available data effectively is crucial in valuation, particularly when assessing rental properties, as it allows appraisers to estimate fair market rents based on empirical evidence. The mean provides a reliable measure when distributions are symmetric and aids in summarizing a dataset in a single figure.

Thus, 1,480 stands as the mean monthly rental, reflecting a balanced and accurate representation of the rental rates analyzed. Other figures would either underrepresent or overrepresent the actual average based on the dataset provided.