What represents the annual market rent when a property is fully occupied?

The annual market rent of a property when it is fully occupied is best represented by potential gross income. Potential gross income refers to the total income a property could produce if it were fully leased at market rental rates, without accounting for any vacancies, concessions, or other deductions that might reduce actual income.

In contrast, effective gross income is a measure that includes adjustments for vacancies and collection losses; it reflects the actual income that a property generates. Market rent, while an important concept, typically indicates the rental amount that similar properties can command in the current market, and contract rent refers to the amount being paid by tenants under their rental agreements. Potential gross income, however, offers a clear benchmark as it assumes full occupancy and usage at market rates, thus best aligning with the question's focus on the annual market rent for a fully occupied property.