Your comprehensive glossary of property management, leasing, and investment terminology.
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A legally binding contract between a landlord and tenant that outlines the terms of the rental, including duration, rent amount, responsibilities, and rules.
Federal legislation that prohibits discrimination in housing based on race, color, religion, sex, national origin, familial status, or disability.
The legal procedure a landlord must follow to remove a tenant who has violated the lease, typically involving notices, court filings, and sheriff involvement.
An upfront payment collected from tenants to cover potential damages, unpaid rent, or lease violations. Governed by strict state regulations regarding holding and refunding.
The percentage or flat rate charged by a management company for overseeing a rental property. Typically ranges from 5% to 10% of monthly collected rent.
A financial metric used to analyze the profitability of an investment property. Calculated as Gross Rental Income minus Operating Expenses (excluding mortgages and taxes).
Expenses incurred when transitioning a property from one tenant to another, including cleaning, repairs, painting, advertising, and vacancy loss.
A systematic evaluation of a rental property's condition, typically conducted during move-in, move-out, or periodically during the lease term.
A formal submission by a tenant or property manager to schedule repairs or upkeep. Can be routine, emergency, or preventative.
The percentage of time a property is rented and generating income over a specific period. A key indicator of portfolio health and market demand.
A comprehensive vetting process including credit checks, criminal background, eviction history, income verification, and reference checks.
A standardized form prospective tenants complete to provide personal, employment, financial, and housing history information for screening.
A tenant who remains in the property after the lease expires without a new agreement. Landlords may charge penalties or initiate eviction depending on state law.
A detailed spreadsheet listing all tenants, lease terms, rent amounts, payment dates, and vacancy status. Essential for financial tracking and property valuation.