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
Long-term rentals involve leasing a property for 30 days or more with stable tenant occupancy and predictable income, while short-term rentals are for stays under 30 days, offering flexible lodging for travelers and temporary residents.
Property Management Terms
Get answers to the 35 most common queries in plain language, grounded in legal and operational best practices
Property Management Terms
A lessee is the person or business that rents property, while a lessor is the property owner or entity leasing out the space
Property Management Terms
A leasehold estate means a renter has exclusive possession of a space, while ownership remains with the landlord
Property Management Terms
Leased premises refer to the specific physical area a tenant rents from a landlord, as outlined in a lease agreement
Property Management Terms
A lease agreement represents a contractual arrangement between a property owner and a tenant, establishing legal rights and obligations for property use and occupancy
Property Management Terms
Landlord-tenant laws define the legal relationship between a landlord and tenant, regulating lease terms, rent payments, eviction procedures, and property responsibilities
Property Management Terms
Sometimes called rental property insurance, landlord insurance covers the specific risks landlords face, including property damage, liability claims, and loss of rental income.
Property Management Terms
A landlord is the property owner, lessor, or sublessor who leases residential rental units in exchange for compensation, usually rent.
Property Management Terms
The Internal Rate of Return (IRR) determines whether a rental property will generate sufficient returns to justify your time, money, and risk
Property Management Terms
A guarantor is someone who legally promises to pay rent if the tenant defaults. Industry standard requirements include 80x monthly rent income and 700+ credit score
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