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A failed payment is a rent or fee payment that was submitted but not completed or accepted. It may fail immediately, or it may appear to deposit first and then be reversed after the resident’s bank returns it, such as for insufficient funds, a closed or invalid account, or a disputed/unauthorized transaction. In property accounting, the resident still owes the unpaid amount unless it is resolved…
Learn moreThe Fair Credit Reporting Act (FCRA) is a federal law that governs how consumer report information is collected, shared, used, and corrected. In multifamily housing, tenant screening reports and certain rent-payment reporting activities can fall under the FCRA. The law requires reasonable procedures around accuracy, confidentiality, relevance, proper use, and consumer dispute handling.
Learn moreFair housing means providing equal access to housing and housing-related services without discrimination. Under the Fair Housing Act, protected categories include race, color, religion, sex, national origin, disability, and familial status. For multifamily operators, fair housing also means watching for neutral-looking policies that could still have a discriminatory effect.
Learn moreThe Fair Housing Act (FHA) is a federal law that protects people from housing discrimination when renting, buying, seeking financing, seeking housing assistance, or taking part in other housing-related activities. It prohibits discrimination based on federally protected classes, including race, color, national origin, sex, familial status, disability, and religion. In multifamily operations, the…
Learn moreFair Housing Compliance is the operational practice of following fair housing laws that prohibit discrimination in renting, housing-related services, and resident decisions. In multifamily operations, it means applying policies consistently across advertising, leasing, screening, accommodations, maintenance, renewals, and enforcement. It also includes monitoring tools and workflows for…
Learn moreFair Market Rents (FMRs) are HUD estimates of gross rent for standard-quality rental housing in a local market, including utilities except telephone. They are generally set at the 40th percentile, meaning 40% of comparable standard-quality units in the area rent for that amount or less. HUD publishes FMRs annually for metropolitan areas, parts of some metropolitan areas, and nonmetropolitan…
Learn moreFee management is third-party property management: a management company operates apartment communities owned by other investors or ownership groups in exchange for a management fee. In multifamily operations, it often requires property-by-property rules for reporting, accounting, service levels, and owner requirements. The term can also refer to the processes and systems used to calculate, track,…
Learn moreA fee manager is a third-party property management company or agent paid a management fee to operate a multifamily property for an owner. In centralized operating models, a fee manager may also provide shared services across properties and bill those services at agreed rates. The role is distinct from ownership: the manager is compensated for services, not for holding a financial interest in the…
Learn moreFee transparency is the practice of showing the full monthly cost of renting a home upfront, including mandatory fees, and clearly separating optional or situational charges. In multifamily operations, it means using consistent fee labels, explanations, and pricing displays across websites, listings, leasing conversations, applications, and lease documents. It also requires ongoing checks so…
Learn moreFees are charges billed in addition to base rent, such as parking, amenity, payment processing, deposits, or late charges. In multifamily operations, teams often classify fees as mandatory or optional based on whether residents can avoid the charge through their choices. Clear fee categorization affects leasing disclosures, resident payment experience, compliance, and revenue reporting.
Learn moreA financial move-out is the financial closeout that happens after a resident leaves an apartment. It includes final charges, security deposit application or refund, unpaid balances, disputes, and any follow-up needed to collect amounts owed. The goal is to close the resident account accurately and keep property accounting records in balance.
Learn moreFinancial reporting is the process of organizing property and portfolio financial activity into statements and reports that show income, expenses, and performance. In multifamily operations, it often relies on accounting records such as the general ledger, chart of accounts, rent roll, operating statements, and NOI calculations. These reports may be prepared for owners, lenders, asset managers,…
Learn moreFirst trip resolution is the share of maintenance repairs completed during the technician’s or vendor’s initial visit, without needing a follow-up trip. It is also commonly called first-time fix rate. A work order typically counts as resolved on the first trip when the issue is completed after one completed site visit.
Learn moreFirst-Time Fix Rate (FTFR) is the percentage of maintenance issues completed successfully during the first service visit, without a follow-up trip or reopened work order. It is commonly calculated as: `(work orders resolved on the first visit ÷ total work orders) × 100`. A related term is first-trip resolution.
Learn moreA fixed asset is a long-term, physical property item needed to operate a multifamily community, such as land, buildings, HVAC systems, appliances, roofs, or equipment. Unlike routine supplies or one-time repairs, fixed assets are tracked over their useful life for depreciation, maintenance, warranties, and replacement planning. Capital improvements may be made to extend a fixed asset’s useful…
Learn moreFlexible rent is a structured way for residents to pay the same total rent on an approved schedule instead of one fixed monthly due date. It may split rent into installments, such as biweekly payments or half on the 1st and half on the 15th, to better match resident income cycles. It is about payment timing and structure, not reducing rent or forgiving balances.
Learn moreFloating leasing agents are leasing staff who move between multiple apartment communities instead of being assigned to one property full time. They provide coverage where demand is highest, such as during staff absences, busy leasing periods, lease-ups, or clustered property support. In centralized leasing models, they often focus on in-person needs like tours and prospect engagement while…
Learn moreA floating maintenance tech is a maintenance technician who is shared across multiple nearby multifamily properties instead of being assigned to one site full time. They are dispatched based on factors such as work order volume, skill fit, availability, location, emergencies, unit turns, and staffing gaps. This model is most practical when properties are geographically close enough for travel…
Learn moreA floor plan is a diagram that shows an apartment or space from above, including the layout of rooms, walls, doors, windows, fixtures, and other features. In multifamily operations, the term can also refer to a specific unit layout type within a property, such as a one-bedroom or two-bedroom configuration. Floor plans may be shown as simple 2D diagrams or more detailed 3D renderings.
Learn moreA follow-up cadence is the planned sequence of messages, timing, and next steps used to keep a leasing or resident conversation moving. In multifamily operations, it can apply after an inquiry, missed tour, completed tour, inactive lead, renewal notice, or other key event. A good cadence makes clear when to reach out, what to say, and when a team member should step in.
Learn moreFraud detection is the set of checks multifamily teams use to identify false or misleading rental application information before move-in. It can include identity verification, document validation, income verification, and related screening controls. Effective fraud detection helps teams reduce risk while avoiding unnecessary delays or unfair declines for qualified applicants.
Learn moreA fraud ring is an organized group of people who coordinate to commit fraud, often dividing tasks such as document creation, application submission, or use of false identities. In multifamily housing, a ring may target rental applications with altered income documents, stolen identities, synthetic identities, or packaged false information. The key difference from a one-off fraudulent application…
Learn moreA full exemption is an approved exception that removes a vendor from an organization’s standard compliance requirements. In multifamily operations, it is typically used when leadership decides the vendor does not need to complete the normal compliance process for a specific business reason. This is broader than a document-level exemption, which only excuses one requirement.
Learn moreA future lease is a signed lease for an apartment where the lease start date or resident move-in date is still ahead. In multifamily reporting, future leases may be included in leased occupancy because the unit is already committed, even if the resident has not moved in yet. Operations teams use this information to coordinate turns, confirm move-ins, and forecast upcoming occupancy.
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