The vocabulary of property management — every term landlords, managers, and residents need, defined plainly and with an example.
Charges beyond base rent that the lease treats as rent for enforcement purposes.
Verifying credit, eviction history, income, and references for a rental applicant.
Net operating income divided by property value, expressed as a percentage.
The pro-rata share of shared-space upkeep charged to commercial tenants.
The state of a resident being past due on rent or other lease charges.
Money held by a third party until a specific condition is met.
The rent a unit would command in the open market.
A commercial lease where the landlord pays operating expenses; the tenant pays a flat rent.
A tenant who remains after the lease term ends without a new lease.
The process of extracting key terms from a lease into a structured summary.
Extending a lease for a new term.
Revenue minus operating expenses, before financing and taxes.
Occupied units divided by total units, expressed as a percentage.
Ongoing costs of running a property: taxes, insurance, maintenance, utilities, and management.
Rent for a partial month, calculated by day.
The running record of charges, payments, and balances on a lease.
A snapshot of every unit's lease terms and rent as of a date.
Money held to cover damage or unpaid rent at the end of a tenancy.
Alternative name for the rent ledger; the running record on a specific tenant/lease.
A commercial lease where the tenant pays taxes, insurance, and maintenance on top of base rent.
Vacant units divided by total units, expressed as a percentage.
A dispatched maintenance job with scope, vendor, and budget.
The total square footage a commercial tenant pays rent on, including a share of common areas.
Proof of insurance coverage, typically required from commercial tenants and vendors.
A lease provision that raises rent on a schedule.