Which of the following factors can influence property depreciation?

The correct answer highlights that property depreciation is influenced by both the age of the property and external factors.

As properties age, they naturally undergo wear and tear, which can lead to a decrease in value. This degradation can be related to physical attributes, such as outdated appliances or aging structures that require repairs or renovations. Moreover, external factors can significantly affect property value; these include changes in the local market, such as shifts in demand and supply, as well as broader economic conditions. For example, a declining neighborhood or adverse changes in the local economy can detract from property values, accelerating depreciation.

While local market trends, economic recessions, and natural disasters do play roles in property depreciation, the most comprehensive understanding comes from recognizing the combination of a property’s age and the various external factors impacting it. This dual consideration explains why option D encompasses the broader set of influences on property depreciation.