Does rental income affect appraisal value of a property?

[Gregory Doyle]

Hello all,

I am in the process of refinancing the duplex that I am house-hacking, with the main goal being a cash out refinance. I have significantly increased the rent compared to what the property was renting for when I purchased. The lender I am working with claims that the new rent amount will not affect the appraised value, so it will not appraise much higher than when I purchased. 

Is this correct? I was under the impression that the value of the asset would increase if the rent increased. 

Thank you in advance!