In spatial frequency domain imaging (SDFI), tissue is illuminated with sinusoidal intensity patterns at different spatial frequencies. For low spatial frequencies, the reflectance is diffuse and a model derived by Cuccia etal. (doi 10.1117/1.3088140) is commonly used to extract optical properties. An improved model resulting in more accurate optical property extraction could lead to improved diagnostic algorithms. To develop a model that improves optical property extraction for the diffuse reflectance in SFDI compared to the model of Cuccia etal. We derive two analytical models for the diffuse reflectance, starting from the theoretical radial reflectance for a pencil-beam illumination under the partial current boundary condition (PCBC) and the extended boundary condition (EBC). We compare both models and the model of Cuccia etal. to Monte Carlo simulations. The model based on the PCBC resulted in the lowest errors, improving median relative errors compared to the model of Cuccia etal. by 45% for the reflectance, 10% for the reduced scattering coefficient and 64% for the absorption coefficient. For the diffuse reflectance in SFDI, the model based on the PCBC provides more accurate results than the currently used model by Cuccia etal.