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Same-store performance compares results for a consistent group of properties across two periods, usually excluding assets that were newly acquired, sold, in lease-up, or not stabilized. In multifamily, it is commonly used to track changes in revenue, operating expenses, occupancy, and NOI for the existing portfolio. Keeping the property pool consistent gives leaders a clearer view of organic…
Learn moreA scatter-site portfolio is rental housing made up of units or small properties spread across multiple, non-contiguous locations rather than concentrated in one large community. It is common in single-family rental and small multifamily operations. Because teams are not based at one site, leasing, maintenance, inspections, and resident service often require more routing, remote coordination, and…
Learn moreScreening, or background screening, is the process of evaluating a rental applicant before lease approval. It typically reviews identity, credit, criminal and eviction history, rental history, and income verification to assess whether the applicant meets the property's written criteria. Screening results may support an approval, denial, or conditional approval, and the process should be applied…
Learn moreSection 8 is a federal rental assistance program that helps eligible low-income households afford housing. In multifamily operations, it can involve tenants using vouchers or properties with Housing Assistance Payment (HAP) contracts, where a public agency or government program pays part of the rent directly to the owner. Operators still manage leasing, rent collection, maintenance, inspections,…
Learn moreA security deposit is money a resident pays to a landlord or property manager as protection against unpaid rent, lease violations, or damage beyond normal wear and tear. It is typically refundable after move-out, minus lawful deductions. Rules for how much can be collected, how funds must be held, what can be deducted, and when the balance must be returned vary by state and local law.
Learn moreSecurity deposit accounting is the process of recording, holding, applying, and refunding resident security deposits correctly. Because a security deposit is refundable, it is treated as a liability when received, not as rental income. It remains a liability until the resident moves out and the operator has a documented, lawful reason to retain some or all of it.
Learn moreA security deposit alternative is an option that reduces or replaces the traditional refundable cash deposit a renter pays before move-in. It may use a fee-based program, insurance, surety bond, billing authorization, or other structure to help cover eligible unpaid charges or damages. The goal is to lower upfront move-in costs while still giving the property a documented path to recover…
Learn moreA self-guided tour is a property or unit visit that a prospective renter completes without a leasing team member present. The prospect typically schedules or checks in digitally, receives controlled access, and explores the home or community at their own pace. In multifamily leasing, SGTs are often used alongside agent-led and virtual tours to give renters more choice.
Learn moreSelf-guided tours are apartment community or unit visits that prospects complete on their own, without a leasing team member walking with them. They typically let renters schedule a time, check in, gain controlled access, and move through a planned tour route at their own pace. Operators still need clear rules, security controls, and tour content so the experience is convenient without creating…
Learn moreSelf-serve renewals let residents review and complete lease renewal steps online with limited staff involvement. In multifamily operations, this usually includes presenting renewal terms, collecting the resident’s selection, supporting follow-up reminders, and moving the lease toward signature. The goal is to make renewal easier for residents while reducing repetitive work for onsite teams.
Learn moreSelf-service technology is digital tooling that lets prospects, residents, or staff complete routine property tasks on their own instead of waiting for direct help. In multifamily, it often supports actions like paying rent, submitting maintenance requests, answering common questions, completing leasing steps, or resolving simple maintenance issues with guided instructions. It is best suited for…
Learn moreA self-tour is a property or unit tour that a prospective renter completes without a staff member accompanying them. It typically lets the prospect view the apartment and amenities at their own pace, often supported by tools such as self-scheduling, identity verification, check-in, and digital access control. Self-tours are also called self-guided tours.
Learn moreSenior housing is multifamily rental housing designed for older adults, often organized around independent living, assisted living, memory care, or skilled nursing needs. Depending on the property, it may look like age-restricted apartments with services or a more care-oriented community with licensed support. For operators, the term usually signals a housing type where resident services,…
Learn moreSensitive personal data is information about a person that could create higher risk if it is exposed, misused, or handled without proper safeguards. In multifamily operations, it can include items collected from applicants, residents, employees, or contractors, such as Social Security numbers, driver’s license information, bank account details, pay stubs, credit reports, medical information,…
Learn moreSentiment analysis is the use of software to identify the emotional tone in text, such as resident comments, reviews, chats, emails, or survey responses. In multifamily operations, it helps teams sort feedback into signals like positive, neutral, or negative and identify recurring themes. The goal is to understand how residents and prospects feel, not just what operational event occurred.
Learn moreA Service Level Agreement (SLA) is a written standard that defines what acceptable service looks like, including response times, completion targets, responsibilities, reporting, and consequences when expectations are not met. In multifamily operations, SLAs are commonly used for maintenance teams, vendors, after-hours handling, and resident communication. A good SLA turns broad promises like…
Learn moreA service radius is the geographic area a centralized or mobile team can realistically cover while still meeting service expectations. In multifamily operations, it is often used for roles that require onsite work, such as maintenance, inspections, or resident support. The right radius depends on property density, travel time, local rules, team capacity, and which tasks are being centralized.
Learn moreA service request is a formal ask from a resident, staff member, or property team for maintenance help, routine fulfillment, or another property-related service. In multifamily operations, it usually starts a workflow for intake, prioritization, assignment, communication, documentation, and closure. Service requests can be tracked through status updates, technician assignments, and messages…
Learn moreShared services is an operating model where common work is handled by a centralized team instead of being repeated at each individual property. In multifamily, this can include leasing support, collections, renewals, accounts payable, maintenance coordination, HR, finance, or IT tasks that serve multiple communities. The goal is to reduce duplication, improve consistency, and let on-site teams…
Learn moreA sight unseen application is a rental application submitted by a prospect who has not physically visited the property. These applications are common when renters are relocating or need to move quickly, but they require the same documented screening and verification steps as any other application. Operators should avoid skipping identity, income, background, or criteria checks simply because the…
Learn moreA single award is a procurement outcome where one supplier is selected from a solicitation for a product or service category. In multifamily operations, it usually means one vendor receives the work tied to a quote request, rather than splitting the job among multiple vendors.
Learn moreSingle Sign-On (SSO) is a login method that lets a user sign in once with one approved account and access multiple authorized systems. In multifamily operations, that can include property management, accounting, communication, access-control, and other tools, depending on each person’s permissions. SSO connects those systems to a central identity source so access can be managed more consistently.
Learn moreA single-family rental (SFR) is a detached or attached one-unit home operated as a rental property. SFR homes may be scattered across neighborhoods or grouped in rental communities. Compared with a multifamily property, each home usually has its own lease, rent collection, maintenance needs, and resident relationship.
Learn moreThe single-family rental market is the rental-housing segment made up of houses, townhomes, or other single-unit homes rented to residents rather than owned by occupants. In some research, the term is defined more broadly to include one- to four-unit properties, so operators should check the definition behind any market data. The market is large but fragmented, with most ownership still held by…
Learn moreA site assessment is a structured review of a property, building area, or unit to understand its condition at a specific point in time. In multifamily operations, it documents visible issues, safety concerns, marketability impacts, and repair or capital needs. It can be a full property condition review or a narrower walkthrough, such as a move-out or turn inspection.
Learn moreA site team is the property staff based at an apartment community who handle day-to-day operations. It typically includes roles such as the property manager, leasing staff, administrative staff, and maintenance technicians. Site teams combine standard company processes with local knowledge of the community, residents, building conditions, and local requirements.
Learn moreSite visit instructions are the written details that tell someone how to complete an on-property visit. They can include where to arrive, who to contact, how to access the property or unit, parking or loading-dock details, and any steps specific to the visit type. In multifamily operations, these instructions help vendors, prospects, inspectors, residents, and staff arrive prepared and follow the…
Learn moreSLA compliance is the measure of whether a team meets agreed service standards, such as response times, resolution timelines, escalation steps, and documentation requirements. In multifamily operations, it is commonly used to track maintenance, resident communication, vendor performance, and legally sensitive workflows. Strong SLA compliance means work is completed on time, recorded consistently,…
Learn moreSmart access is the use of electronic locks, readers, and digital credentials to manage entry to apartment units, buildings, amenity spaces, and other controlled areas. It can include code-based access, fobs, cards, mobile credentials, visitor passes, remote permission updates, and access history. In multifamily operations, smart access helps manage entry for residents, prospects, staff, vendors,…
Learn moreSmart home technology is connected residential technology that enables automated or remote control of in-unit systems such as thermostats, lighting, locks, security devices, appliances, TVs, and voice assistants. In multifamily, these devices may be installed and supported by the community, brought by residents, or managed through a shared property infrastructure. Because these devices connect to…
Learn moreA smart lock is an electronic lock that enables keyless entry using credentials such as PIN codes, mobile access, digital keys, cards, or fobs. In multifamily operations, smart locks can support remote access management, temporary or scheduled permissions, audit trails, and connections to other property systems. They are commonly used for apartment units, shared spaces, self-guided tours,…
Learn moreA smart thermostat is a Wi-Fi-enabled thermostat that can be programmed, monitored, and adjusted remotely. In multifamily operations, it may also support scheduling, energy-use tracking, alerts, and centralized visibility across units or common areas. Compared with a basic programmable thermostat, the key difference is connectivity and the ability to support automated workflows.
Learn moreSmart triage is the use of AI-assisted workflows to evaluate incoming resident requests, determine urgency, and route the issue to the right next step. In multifamily operations, it commonly applies to maintenance: categorizing work orders, flagging emergencies, asking follow-up questions, and assigning tasks based on priority, skill, and availability.
Learn moreSOC 2 compliance means an organization’s data security controls have been evaluated against the AICPA Trust Services Criteria: security, availability, confidentiality, processing integrity, and privacy. A SOC 2 Type I report looks at controls at a specific point in time, while a SOC 2 Type II report evaluates how those controls operate over a period of time. For multifamily teams, it is most…
Learn moreSoftware as a Service (SaaS) is a way to use software over the internet, usually through a subscription. The software is centrally hosted by the provider, so teams typically access it through a web browser or mobile app instead of installing and maintaining it on local computers. In multifamily operations, many property management, resident communication, maintenance, and reporting tools are…
Learn moreSource of income protection is a fair housing rule that bars housing providers from denying an applicant solely because their income comes from a lawful source, such as a housing voucher, disability benefit, child support, retirement income, or Social Security. These protections are generally created by state or local law rather than the federal Fair Housing Act. For multifamily teams, the rule…
Learn moreSource-of-income laws are state or local rules that prohibit housing discrimination based on where an applicant’s lawful income comes from. Covered income can include wages, housing vouchers, public assistance, Social Security benefits, child support, alimony, and other lawful sources. For multifamily teams, these laws affect leasing, screening, advertising, and resident onboarding practices in…
Learn moreSpeech recognition is technology that converts spoken language into text or another format software can interpret. In voice AI, it is the “listening” step that lets software understand a phone call before routing, documenting, or responding to it. In multifamily operations, it can support resident calls, maintenance intake, leasing conversations, transcripts, and follow-up records.
Learn moreSpeed to Lead is the time between a rental prospect submitting an inquiry and receiving a meaningful first response from the property team. In multifamily, that inquiry may come from an apartment listing site, website form, chat, text, or missed call. A meaningful response helps the renter take the next step, such as answering a question, qualifying needs, or offering a tour option—not just…
Learn moreA stabilized asset is a multifamily property that has moved past initial lease-up or major renovation and is operating at a sustainable, repeatable level. It typically has market-supported occupancy, rents that align with the property and submarket, normal turnover, and predictable operating expenses. Stabilized assets are generally viewed differently from lease-up or value-add properties because…
Learn moreA stabilized property is a multifamily community that has moved beyond lease-up or major repositioning and is operating in a steady, repeatable way. It typically has market-supported occupancy, normal turnover, and predictable income and expenses. Stabilization is not just a fixed occupancy number; the right threshold can vary by property, market, and timing.
Learn moreA staffing ratio is a rule of thumb that compares the number of employees or role-specific full-time equivalents to the number of apartment units they support. In multifamily operations, a long-used baseline has been about 1 onsite team member per 100 units, but operators may calculate separate ratios for leasing, administration, maintenance, or centralized support. The right ratio should be…
Learn moreA Standard Operating Procedure (SOP) is a documented, step-by-step set of instructions for completing a routine operational task. In multifamily operations, SOPs define how work should be done across areas like leasing, maintenance, delinquency, resident communication, and onboarding. A good SOP makes expectations clear while helping teams deliver a more consistent experience across properties.
Learn moreA standard report is a repeatable report format used to present multifamily operational data in a consistent way. It is commonly created from existing inspection or operating data, then saved, exported, or shared for routine review. Standard reports help teams compare the same types of information over time instead of rebuilding reports from scratch.
Learn moreState preemption laws are state statutes that limit or prevent cities, counties, or other local governments from making their own rules on certain issues. In multifamily housing, they can block local ordinances such as rent controls, eviction protections, or other requirements that differ from state standards. For operators, this can create a more consistent regulatory environment across…
Learn moreStudent housing is a multifamily rental property designed, marketed, and operated primarily for college or university students. It often differs from conventional apartments through by-the-bed leasing, shared living arrangements, and lease terms tied to the academic calendar. In some finance or underwriting contexts, student housing may also be classified by the share of units leased to students.
Learn moreA studio apartment is a small apartment where the living area and bedroom are combined in one main space, with a separate bathroom. It may have a defined kitchen or kitchenette, and some layouts include an alcove or nook for sleeping or dining. In multifamily operations, studios are treated as a distinct unit type alongside one-bedroom, two-bedroom, and other floorplans.
Learn moreA sub-building is a distinct building, wing, section, or addressable subdivision within a larger multifamily community. Operations teams use sub-buildings to organize work, locations, staffing coverage, and reporting when one property contains multiple physical structures or sections.
Learn moreSubcool is the temperature decrease of liquid refrigerant below its saturation, or condensing, temperature at a given pressure. It is commonly measured at the condenser outlet and used to verify whether an HVAC system has the proper refrigerant charge. It is a charging measurement, not a comfort setting.
Learn moreA sublease is an agreement where a current resident rents all or part of their apartment to another person, often called a subtenant, for a period within the original lease term. The original resident typically remains responsible for the primary lease obligations, including rent, damages, and compliance with lease terms. Property owners and managers may restrict or require approval for…
Learn moreA submarket is a smaller geographic area within a broader metro or market where a property most directly competes for renters. It is usually shaped by factors such as nearby comparable properties, rent levels, resident profiles, transportation patterns, neighborhood preferences, and physical boundaries. Submarkets are not always simple circles or ZIP codes; they may follow the real pattern of…
Learn moreSubsidized housing is rental housing supported by government programs so eligible households can access lower-cost homes. In multifamily operations, this often means units or properties have income eligibility rules, rent restrictions, assistance calculations, and program-specific leasing or compliance requirements. Subsidies may be tied to the resident, the unit, or the property depending on the…
Learn moreSuperheat is the amount that refrigerant vapor is heated above its boiling, or saturation, temperature at a measured pressure. In HVAC service, it is commonly measured near the evaporator outlet and used to check whether refrigerant charge and system performance are within expected range. For multifamily teams, it is a practical diagnostic reading that helps reduce guesswork on cooling complaints.
Learn moreSynthetic identity fraud is the use of a made-up identity built from a mix of real and fake personal information, such as a real Social Security number paired with a fictitious name, birthdate, or address. In rental housing, the goal is often to create enough of a credit profile to pass screening even though the person described does not actually exist. It is different from traditional identity…
Learn moreA system of record is the designated place where an organization keeps the official version of a specific type of data. In multifamily operations, the property management system often serves this role for resident records, lease dates, unit status, payments due, move-ins, move-outs, and work orders. Other tools may use this data, but teams treat the system of record as the place to check or…
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