Explore essential property management terms with clear definitions, real-world examples, and practical insights for landlords, property managers, and renters. This in-depth glossary helps you understand key rental industry terminology, from A to Z. Whether you're new to property management or a seasoned pro, use this guide to navigate industry jargon, improve communication, and manage rental properties with confidence.
Property Management Terms
The Empire State Building actually used to sit on ground leased land until the 1990s when the building owners purchased the underlying land to unify ownership
Property Management Terms
The U.S. Census Bureau includes everything from electricity bills to wood heating costs in gross rent calculations, making it far more complex than most property managers realize
Property Management Terms
A gross lease is a rental agreement where tenants pay one fixed monthly rent amount while landlords cover most property expenses
Property Management Terms
A grace period represents the specific timeframe after rent's due date when tenants can pay without facing late payment penalties or negative consequences
Property Management Terms
Each situation requires specific expertise in foreclosure law, real estate regulations, tenant protection statutes, and property disposition strategies
Property Management Terms
Floor Area Ratio is the ratio of a building's total floor area to the size of the lot it occupies; you calculate FAR by dividing your building's gross floor area by your lot area
Property Management Terms
HUD's Fair Market Rent calculations affect over 2.3 million American households, yet they're based on data that can be up to three years old by the time it takes effect
Property Management Terms
The Fair Housing Act establishes federal protections for seven protected classes while also requiring specific accessibility standards for multifamily housing built after 1991
Property Management Terms
Eviction is the legal mechanism landlords use to terminate a tenant's right to occupy their rental property and recover possession of the premises
Property Management Terms
Here's a shocking fact that might surprise you: a single piece of paper called an estoppel certificate can make or break a multi-million dollar commercial real estate deal
Property Management Terms
Whether you're holding security deposits, managing mortgage payments, or facilitating real estate transactions, escrow serves as the financial safety net that protects everyone involved
Property Management Terms
Whether you're a new landlord trying to compete in today's rental market or an experienced property owner looking to maximize returns, understanding effective rent is essential for survival