Search
80 terms
Reactive maintenance is repair work performed after something breaks, fails, or a resident reports a problem. In multifamily operations, it typically enters the workflow as a work order or service request, such as a leak, appliance failure, HVAC outage, or electrical issue. It is different from preventive maintenance, which is scheduled ahead of time to reduce the chance of failure.
Learn moreA Real Estate Investment Trust (REIT) is a company, trust, or association structured under tax rules to own, operate, or finance income-producing real estate. In multifamily, a REIT may own and manage apartment communities as part of an investment portfolio, and many large REITs have publicly traded shares. REITs are commonly evaluated through property performance measures such as revenue,…
Learn moreReal estate syndication is an investment structure where multiple investors pool capital to buy and operate a property. In multifamily, a sponsor or general partner typically finds the deal, arranges financing, manages the business plan, and oversees operations, while limited partners provide passive capital. The structure often includes defined return expectations, reporting requirements, and a…
Learn moreReal-time data is operational information updated quickly enough for teams to notice important changes soon after they happen, rather than waiting for month-end or quarterly reports. In multifamily, it can include leasing activity, occupancy, collections, maintenance, expenses, and market signals in shared dashboards. It does not have to mean perfect second-by-second accuracy; the main idea is…
Learn moreA reasonable accommodation is a change, exception, or adjustment to a housing rule, policy, practice, service, or communication method that helps a person with a disability have an equal opportunity to use and enjoy their home and community spaces. In multifamily housing, this can include changes such as adjusting a procedure, providing a reserved parking space, or changing how information is…
Learn moreReclass and accrual reporting is the month-end reporting process that shows both what activity should be recorded and where it belongs in the financial statements. An accrual records income or expenses that have been earned or owed before cash moves, while a reclass moves an amount already recorded into the correct account or reporting category. In multifamily operations, this helps teams compare…
Learn moreRedevelopment is the process of substantially renovating or improving an existing property to increase its value or reposition it for the market. In multifamily, it can go beyond light upgrades to include major repairs, system improvements, changes to unit layouts, or work that addresses functional obsolescence. It often requires coordinated capital planning, resident communication, construction…
Learn moreA Regional Manager is a property management leader who oversees multiple apartment communities within a geographic area. They supervise on-site property teams, monitor day-to-day operations, and help ensure each community meets performance, compliance, resident experience, and ownership goals. The role often connects site-level execution with asset management or corporate leadership.
Learn moreA remittance vendor is the payee or remit-to record used when payment should go to a specific entity or address, even if the invoice is associated with a broader supplier record. In multifamily accounting, it helps teams manage vendors that have multiple branches, departments, or payment addresses without creating duplicate vendor records. The supplier and the remittance vendor are often the…
Learn moreA renewal is the process of a current resident choosing to extend their lease instead of moving out at the end of the term. In multifamily operations, renewals typically include sending an offer, following up with the resident, handling any approved changes, completing the lease documents, and recording the final status. Renewal rate measures the share of expiring leases that are renewed rather…
Learn moreRenewal execution is the operating process that moves an eligible resident from renewal offer to a completed next-term lease. It includes sending the approved offer, tracking responses, following up, handling negotiation exceptions, preparing documents, collecting signatures, updating systems, and confirming the renewal. A strong renewal execution process is repeatable, easy to audit, and clear…
Learn moreA renewal offer is the set of lease-extension terms presented to a current resident before their existing lease expires. It typically includes the proposed or updated rent, available lease term options, deadlines, and any changes to the resident’s agreement. The offer starts the resident’s renewal decision process and may move through workflow statuses such as No Offer, Selected, Offer Expired,…
Learn moreRenewal rate is the percentage of residents with expiring leases who choose to stay instead of moving out. It is commonly calculated as renewed leases ÷ expiring leases × 100. Teams use it to understand resident retention, lease-expiration risk, and how well the community is meeting resident expectations.
Learn moreRenewals are the process of offering an existing resident a new lease term before their current lease expires. In multifamily operations, the workflow typically includes sending approved renewal offers, following up with undecided residents, handling negotiation requests, completing lease documents, and confirming the new term. Renewals are distinct from new leases because the resident already…
Learn moreRenewals outreach is the planned communication process used to contact residents before their lease ends, confirm whether they want to renew, and guide them through next steps. It typically includes renewal offers, reminders, response tracking, and follow-up tied to each resident’s renewal status.
Learn moreRenewals processing is the structured workflow for moving an expiring resident lease from eligibility and pricing review through offer delivery, follow-up, acceptance or non-renewal, document signing, and final system updates. It coordinates resident communication, internal approvals, lease generation, e-signature steps, and recordkeeping so each renewal is handled consistently.
Learn moreA renovation is a planned upgrade to an apartment unit or property area, such as replacing finishes, fixtures, or building systems. In multifamily operations, renovations can range from light cosmetic updates to larger value-add improvements, and they are different from routine maintenance because they are typically scoped, budgeted, scheduled, and approved as a project.
Learn moreRent control is a state or local government rule that limits the rent an owner can charge or how much rent can increase over time. These policies may set a maximum rent, cap annual increases, or tie increases to an index such as inflation. Requirements vary by jurisdiction and may also be paired with tenant protections such as eviction restrictions.
Learn moreRent growth is the percentage change in rental rates over a period of time, commonly measured year over year. In multifamily operations, it can be viewed at the unit, property, submarket, or metro level. It reflects both market conditions and how well a property converts demand into signed leases and renewals.
Learn moreA rent increase is a formal change that raises a resident’s monthly rent amount, usually effective at a future lease renewal date or during a month-to-month tenancy with proper notice. In multifamily operations, rent increases are commonly considered to reflect market conditions, rising operating costs, or property improvements. The process must follow applicable lease terms and state or local…
Learn moreA rent payment is the amount a resident pays to the property owner or manager for the right to occupy a rental home, usually under the terms of a lease. In multifamily operations, the term also covers how the payment is submitted, recorded, and tracked, including electronic options such as ACH, card, or online payments. When rent is not paid by the required date, it becomes delinquent and may…
Learn moreRent per SQFT is the monthly rent for a unit divided by that unit’s square footage, usually shown as dollars per square foot per month. It standardizes rent so teams can compare units, floor plans, or properties of different sizes more fairly. In multifamily reporting, it is often reviewed alongside rent, market rent, net rent, occupancy status, and loss to lease.
Learn moreA rent premium is the extra rent a resident pays above a base or comparable market rent because a unit or property has more desirable features. In multifamily, premiums are commonly tied to upgraded or renovated units, better finishes, location advantages, amenities, parking, or other features residents value. Operators often track rent premiums to understand whether improvements are translating…
Learn moreRent ready means a vacant apartment has completed the turnover or make-ready process and is prepared for immediate occupancy by a new resident. In practice, that usually means cleaning, repairs, paint touch-ups, required inspections, and confirming key appliances, fixtures, and equipment are working. It is the operational status that tells leasing and maintenance teams the unit can be shown,…
Learn moreRent reporting is the practice of sharing a resident’s rent payment history with consumer credit reporting agencies. It can allow on-time rent payments to appear in a resident’s credit profile, which may help residents build or improve credit over time. For property operators, rent reporting is typically evaluated as a resident experience offering with operational, legal, and communication…
Learn moreA rent roll is a report that lists a property’s rental units along with the current resident or vacancy status, lease terms, rent amounts, and related tenant information. In multifamily operations, it serves as a current snapshot of occupancy and rental income at the unit, property, or portfolio level. Teams use it to understand what is leased, what is vacant, what rent is being charged, and…
Learn moreA rent special is a temporary leasing incentive, also called a concession or move-in special, used to encourage a prospect to sign a lease or a resident to renew. It may include free rent, discounted rent, waived fees, a reduced deposit, or another limited-time benefit. In operations reporting, the special should be reflected in effective rent, not just the advertised asking rent.
Learn moreRent stabilization is a form of rent regulation that limits how much rent can increase for covered units and often gives residents added lease-renewal and eviction protections. Coverage depends on state or local law; in New York City, many rent-stabilized apartments are in buildings with six or more units built before 1974. For multifamily operators, a rent-stabilized property may require income…
Learn moreRent-to-income ratio is the share of a renter’s gross income needed to pay rent, usually calculated as monthly rent divided by gross monthly income and expressed as a percentage. Multifamily teams may compare market rent or net rent, including charges, against household income at the unit level when income data is available. Common affordability benchmarks include rent at about 30% or less of…
Learn moreA rental application is the form a prospective resident submits so a housing provider can evaluate their qualifications for an apartment home. It typically collects information used to review identity, income, employment, rental history, credit, and other screening criteria. The application is also a key record because it may authorize verification steps and consumer-report checks used in the…
Learn moreRental demand is the number of households in a defined market that are likely to rent available apartment homes. It is shaped by household growth, population trends, affordability, renter preferences, turnover, and local market conditions. For an operating property, demand often shows up in occupancy, exposure, inquiry volume, tour activity, and how quickly available units lease.
Learn moreRental housing is residential housing occupied by residents who lease rather than own the home or unit. It can include single-family rentals, small multifamily properties, apartment communities, affordable housing with income or rent limits, and market-rate housing without those restrictions. For operators, the term covers both the physical housing stock and the operating work needed to lease,…
Learn moreRental housing operators are organizations or individuals responsible for running rental residential properties, from apartment communities to other leased dwellings. In multifamily, the operator may be the owner, a third-party property management company, or a team acting on behalf of ownership. Their work typically includes leasing, maintenance coordination, resident relations, compliance, rent…
Learn moreA rental housing provider is an organization or individual responsible for making rental homes available to residents. In multifamily operations, that responsibility may sit with an owner, a self-managed operator, or a third-party property management company handling day-to-day leasing, maintenance, compliance, and resident service.
Learn moreA rental package is a fraud tactic in which a qualified person applies for and secures a lease, then transfers occupancy to someone who would not qualify on their own. In other contexts, the phrase can also refer to a bundled rental charge or resident service package, so teams should define it clearly in policy and training.
Learn moreRental or screening criteria are the written standards a property uses to decide whether an applicant qualifies for a home. They can include requirements for income, credit, rental history, eviction history, criminal background, references, and documents. In multifamily operations, these criteria guide consistent approve, conditional approve, or deny decisions and should be shared with applicants…
Learn moreRenter payment reporting is the practice of sharing a resident’s rent payment history, often monthly, with consumer reporting agencies so it can be included in a credit profile. Programs may report only on-time payments or may include partial, late, and non-payment history, depending on the operator’s rules. Operators can manage reporting directly, work with an agent, or support…
Learn moreThe renter portion of housing demand is the share of total housing demand expected to be met by renter households rather than owner households. It is commonly estimated by starting with household growth, adjusting for factors such as vacancy needs and housing-unit losses, then separating owner demand from renter demand using homeownership or rentership rates. For multifamily teams, it helps…
Learn moreRenter's insurance is a policy a resident buys to help cover their personal belongings and personal liability in a rented apartment. It is different from property insurance, which generally covers the building, systems, fixtures, and common areas. Some policies may also help with temporary living expenses after a covered loss.
Learn moreRenters insurance is a policy for residents that can cover personal belongings, liability, and sometimes temporary living expenses after a covered loss. It is separate from property insurance, which generally covers the building structure and common areas rather than a resident’s possessions. In multifamily operations, teams often track proof of coverage as part of lease compliance.
Learn moreRenters insurance auditing is the process of checking whether residents have active renters insurance that meets the community’s requirements. An audit typically confirms the policy is current, coverage limits meet the lease standard, and the property address is correct. Because residents can cancel or let policies lapse during the lease, auditing may happen at move-in and again periodically…
Learn moreA report style is the selected format or presentation used when generating an inspection or operations report. It can affect how information is organized, summarized, and displayed for readers. In multifamily operations, report styles help teams tailor the same underlying inspection details for different audiences, such as site teams, regional leaders, owners, or investors.
Learn moreA Request for Quotation (RFQ) is a formal document used to ask vendors for prices on specific goods or services with clearly defined requirements. It is best suited when the scope is already known and the main goal is to compare quoted costs and service details. In multifamily operations, an RFQ helps standardize how teams collect and review bids for recurring or project-based property work.
Learn moreA request for quote (RFQ) is a formal document used to ask vendors for pricing on specific goods or services with defined specifications. In multifamily operations, an RFQ is typically used when the scope is clear enough for vendors to provide comparable prices. It differs from a broader proposal process because the focus is primarily on quoted pricing for a defined need.
Learn moreA requirement exemption is an approved exception to a standard compliance requirement. In multifamily operations, it often means a vendor or other party does not have to submit a specific required document, or in some cases does not have to meet a broader set of organizational compliance requirements. If the exemption is canceled, the requirement can return to a not-submitted state so…
Learn moreA resident is a person who occupies a rental home or apartment under an agreement with the property owner or landlord, usually in exchange for rent. In multifamily operations, the term often refers to the household member or leaseholder who interacts with the property team about payments, maintenance, notices, amenities, lease needs, and community communication.
Learn moreA resident alert is a notice used to quickly share important information with residents through a property communication channel. It may be delivered as an audio message in a maintenance phone menu, an automated email or text message, or a property-wide broadcast for emergencies, maintenance updates, or announcements.
Learn moreA resident app is a mobile-first digital hub that lets apartment residents handle everyday community tasks from one place. Common uses include paying rent, submitting maintenance requests, receiving property updates, booking amenities, accessing services, and communicating with the property team. It is closely related to a resident portal, but the app is typically designed for frequent smartphone…
Learn moreResident care is the organized way a multifamily operator supports residents after they become part of the community. It includes answering questions, handling service requests, sending community updates, routing escalations, and collecting feedback across channels like text, email, and voice. In multifamily, it is usually about service and resident experience—not clinical or assisted-living care.
Learn moreResident collections is the process of following up with current or former residents to recover past-due rent, fees, or other outstanding charges. In multifamily operations, it typically includes documented outreach, payment reminders, promises to pay, payment plans, and escalation according to company policy. The goal is to reduce bad debt while keeping communications consistent, compliant, and…
Learn moreResident communication is the ongoing exchange of information between a property management team and residents throughout the lease lifecycle. It includes updates, instructions, resident questions, staff responses, service-status messages, and expectations across channels and teams. The goal is not simply to send more messages, but to make communication timely, clear, relevant, actionable, and…
Learn moreResident communications are the ongoing messages and conversations between a property team and residents throughout the lease lifecycle. They include routine updates, answers to questions, maintenance coordination, community announcements, escalations, and feedback across channels like text, email, and voice. A strong resident communications workflow defines who owns each message, when it is…
Learn moreA resident contact is a person or contact record tied to a resident for communication, service, billing, or other community-related matters. It can include the resident’s own phone or email details, communication preferences, or another designated person connected to the resident. In multifamily operations, resident contacts are typically used to manage conversations, announcements, service…
Learn moreResident engagement is the ongoing, meaningful interaction between residents and the property team, services, amenities, and community. In multifamily operations, it includes routine communication, announcements, feedback, maintenance and payment touchpoints, events, and renewal-related conversations across channels like text, email, and voice. It is different from satisfaction because it…
Learn moreResident experience is the overall impression residents form from every interaction with a community and property management team, from the first inquiry through renewal or move-out. It includes communication, maintenance, amenities, service follow-up, payments, community updates, and how easy it is for residents to get help. For operations teams, resident experience is managed through consistent…
Learn moreA resident experience platform is software that brings key resident-facing interactions into one connected system. It typically supports communication, move-in tasks, maintenance requests, amenities, services, engagement, and renewals across the resident journey. For operations teams, it is broader than a basic resident portal because it connects resident activity with property-team workflows.
Learn moreResident feedback is the input residents share about their experience living at a community, such as surveys, comments, reviews, service-request follow-ups, and renewal conversations. It helps property teams understand what is working, where residents are frustrated, and which issues need attention. In multifamily operations, effective resident feedback is ongoing, timely, and tied to action…
Learn moreResident follow-up is the process of contacting a resident after an operational event, such as a maintenance visit, service request, lease interaction, or renewal step. In multifamily operations, follow-up may be handled through staff reminders or automated workflow actions that send a message by SMS or email. The goal is to confirm next steps, provide status updates, or verify that the…
Learn moreThe resident lifecycle is the full journey a renter has with a multifamily community, from first becoming a lead through application, move-in, day-to-day living, renewal, and move-out. It connects operational workflows such as lead management, resident communication, maintenance coordination, renewals, and turn management so teams can manage the experience consistently across a portfolio.
Learn moreResident onboarding is the process of welcoming a new resident and helping them understand how to live in and use the community from day one. It typically includes move-in guidance, access setup, portal activation, maintenance instructions, community rules, amenities, parking, packages, and support contacts. A strong onboarding process sets expectations, reduces confusion, and starts the resident…
Learn moreA resident portal is an online platform where apartment residents can handle common account and service tasks without calling or visiting the office. Typical uses include paying rent, submitting maintenance requests, viewing documents or community updates, and communicating with property management. Some communities also use a portal to share renewal offers or direct residents to renewal-related…
Learn moreResident retention is the practice of keeping current residents at a community instead of having them move out at the end of a lease. It is often measured as the share of expiring leases that are renewed, and it reflects both resident experience and operational performance.
Learn moreResident rewards are programs or platforms that give residents incentives for actions, behaviors, or milestones tied to their tenancy. Common goals include improving resident satisfaction, encouraging lease renewals, and strengthening the resident-property relationship. Rewards may recognize actions such as paying rent on time, renewing a lease, referring a resident, or using digital service…
Learn moreResident satisfaction is a measure of how happy residents are with their apartment, property, services, and overall living experience. Multifamily teams often track it through surveys, online reviews, maintenance feedback, renewal behavior, and other resident-experience signals. It helps operators understand whether the property and team are meeting resident expectations.
Learn moreResident screening is the process a multifamily operator uses to evaluate a rental applicant before deciding whether to approve a lease. It may consider information such as rental history, credit, criminal history, eviction records, and other criteria allowed by applicable law. The outcome may be approval, conditional approval, or denial, and the process must be managed with fair housing and…
Learn moreA resident signature is a resident’s signed acknowledgement on a lease, report, form, task, or other property document. In multifamily operations, it is used to confirm agreement, receipt, completion, or approval, such as signing a move-in report, renewal, notice form, or completed maintenance task. Depending on the document, the signature may become part of the property’s legal or operational…
Learn moreResident status is the operational label that shows where a resident or lease is in its lifecycle on a given date. Common statuses can include applicant, current, on notice, previous, renewed, transferred, or moved out. Property teams use these statuses to organize records, target communications, and manage renewal or move-out workflows.
Learn moreA resident survey is a short questionnaire used by multifamily teams to collect feedback about the resident living experience. It can ask about maintenance, communication, amenities, safety, value, overall satisfaction, and renewal intent. Surveys may be sent annually, but they are often more actionable when tied to key moments such as move-in, completed service requests, lease renewal, or…
Learn moreResident voicemail is the process for capturing, routing, and documenting voicemail messages from residents so the right property team member can respond. In multifamily operations, it is often tied to maintenance, emergency requests, callbacks, and communication history. Some workflows can notify technicians, support secure callbacks, and preserve records even when staff use basic phones instead…
Learn moreResponsible AI is a set of practices for developing, using, and monitoring AI in ways that are ethical, fair, transparent, and accountable. In multifamily operations, it means balancing innovation with compliance, resident trust, privacy, and human oversight. It also includes setting clear governance policies so AI tools operate within approved limits and are reviewed for risks.
Learn moreRetention is the percentage of residents who renew their lease instead of moving out. In multifamily operations, it is commonly used to evaluate resident satisfaction, renewal performance, and how well a property keeps existing residents over time.
Learn moreRetrieval-Augmented Generation, or RAG, is an AI method that looks up relevant information from approved sources before generating an answer. It combines a large language model with information retrieval so responses can be more accurate, current, and grounded in specific documents or databases. In multifamily operations, those sources may include community policies, amenity details,…
Learn moreRevenue management is a data-driven pricing discipline used to set apartment rents based on factors such as supply, demand, market conditions, lease expirations, and unit attributes. In multifamily operations, it often involves regularly updating asking rents and concessions to balance rental income with occupancy goals.
Learn moreRevenue management software is a tool that helps multifamily teams set rent prices using data rather than gut instinct. It analyzes factors such as available units, demand, seasonality, lease expirations, market conditions, and unit attributes to recommend pricing. It typically works alongside a property management system, which handles core operations like leasing, rent collection, maintenance,…
Learn moreA Revenue Management System (RMS) is software that helps multifamily teams set and adjust apartment rents using data, forecasting, and pricing rules. It typically considers factors such as available units, demand signals, seasonality, lease expirations, concessions, and market conditions. The system may recommend whether rents should increase, decrease, or stay the same for specific units or…
Learn moreReview management is the ongoing process of monitoring, responding to, and learning from online reviews about an apartment community. It includes tracking resident and prospect feedback across review sites and social channels, identifying common issues, and using those insights to improve the resident experience. It also includes public review responses, where teams acknowledge feedback and show…
Learn moreIn multifamily procurement, RFQ usually means Request for Quotation: a formal request asking vendors to provide pricing for specific goods or services with defined requirements. Some real estate solicitations use RFQ to mean Request for Qualifications, so teams should spell out the term when issuing one. A clear RFQ helps vendors quote against the same scope, timeline, and property-specific…
Learn moreA right of entry is the legal ability of a property owner or manager to enter a resident’s rental home under specific, lawful conditions. It is balanced against the resident’s right to privacy and quiet enjoyment. In practice, entry usually requires proper notice, a valid reason such as an emergency, repair, or inspection, and compliance with state, local, and lease requirements.
Learn moreRight-to-counsel statutes are local or state rules that guarantee legal representation for residents facing eviction. They are often grouped with eviction regulations intended to improve fairness in housing court and address housing insecurity. For multifamily operators, these rules can make eviction cases more procedurally complex and may extend timelines or increase legal costs.
Learn moreA routine inspection is a planned check of an apartment home, building, or property area to verify condition, safety, cleanliness, and needed maintenance. It is typically scheduled in advance, completed with proper resident notice when required, and documented with findings such as notes, photos, and follow-up tasks. In multifamily operations, routine inspections may be recurring, tied to move-in…
Learn more