I am not sure what you talking, but if you meant current rate, I think local market rate means current rate (not rate which existing tenants pay)
I rented apartment last year and they increased rent by more than 40%.
I rented apartment last year and they increased rent by more than 40%.
This new rule states that you cannot set the rent above 10% of the local market average for any tenant.
So for existing tenants, most likely the first rule applies (because new tenants rise the average), for new tenants the second applies.