I am currently exploring best practices in property valuation, particularly with regard to how rental income is analyzed and applied within different valuation methodologies. To support my understanding, I am looking for comprehensive resources—such as valuation textbooks, professional valuation standards, academic journal articles, or other authoritative industry publications—that specifically address the treatment of rental income streams in real estate valuation.

More precisely, I am trying to determine whether it is considered an acceptable or widely used practice within the valuation profession to allocate separate rental values or rental rates to the land component and the building (improvement) component of the same property. For example, is it appropriate to derive or apply different rate per square metre or rent estimates to land and improvements individually, and then combine these to arrive at a total property value under the income approach

I am interested in understanding both the theoretical rationale and any practical applications or case studies related to this practice. Additionally, I would like to know if there are any valuation standards, regulatory frameworks, or jurisdictional differences (e.g., between countries or property types) that support, discourage, or explicitly outline the conditions under which this separation of income streams might be appropriate. Any resources that can provide clarity on this topic, either supporting or critiquing the methodology, would be highly valuable for my research and professional application.