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Vacancy loss is the rental income a property does not collect because apartment units are physically vacant during a reporting period. It is commonly tracked as dollars or as a percentage of gross potential rent, and it should be kept separate from rent concessions and collection losses. Some vacancy is normal because units need time to transition between residents.
Learn moreVacancy rate is the percentage of rentable apartment units that are unoccupied during a specific point in time or period. It is commonly calculated as vacant units ÷ total units × 100. It is the inverse of occupancy rate, so vacancy plus occupancy should generally equal 100%.
Learn moreValue-add is a multifamily investment strategy focused on improving a property so it can generate higher rental income and increase in value. Improvements may include unit renovations, amenity upgrades, repositioning, expense reduction, better leasing execution, or stronger day-to-day management. The goal is to raise operating performance, often measured through higher NOI and asset value.
Learn moreA value-add renovation is a planned set of property improvements intended to support higher rents and increase asset value. In multifamily operations, this can include unit upgrades, common-area improvements, deferred-maintenance work, or broader repositioning. It is typically evaluated by comparing renovation cost, expected rent premium, operating impact, and the property’s long-term value.
Learn moreA value-add strategy is a multifamily investment approach that targets properties with room for improvement through renovations, repositioning, amenity upgrades, or better management. The goal is to raise rental income, improve net operating income, and increase the property's overall value. Improvements can be physical, operational, or both.
Learn moreVariance reporting is the practice of comparing actual property or portfolio results against the budget and showing the difference. In multifamily operations, it is commonly used for income, expenses, cash flow, and other accounting metrics, with notes explaining why results came in above or below plan.
Learn moreA VAT Rate is the percentage of value-added tax applied to an invoice line, charge, or service to calculate the tax amount. In invoice processing, the rate should be applied to the net amount before tax, and the invoice total should reconcile to the gross amount after tax. For property operations, the correct rate can depend on the type of charge, who provides the service, and the applicable tax…
Learn moreA vendor is an outside company or individual that provides goods or services for property operations, such as repairs, maintenance, security, or unit-turn work. In multifamily operations, vendor records often include contact details, the locations they serve, and information needed to coordinate work. Vendors may also need compliance documents, such as insurance, licenses, certifications, or tax…
Learn moreA vendor addition request is a formal request to add a new service provider to a property management company's approved vendor list or vendor directory. It usually captures the vendor's business details, service category, contact information, locations served, and required compliance documents. The request may need approval before the vendor can be assigned work or treated as an approved vendor.
Learn moreVendor compliance is the process of confirming that contractors, service providers, and suppliers meet the requirements your organization sets before they work at a property. In multifamily operations, those requirements often include insurance, licenses, tax documents, safety standards, and signed agreements. Compliance is not just a one-time check; documents can be accepted, rejected, expired,…
Learn moreVendor compliance status is the current approval state of a service provider’s required compliance items, such as insurance, licenses, safety records, contracts, or approved exemptions. It helps teams see whether documents are missing, expired, accepted, rejected, or exempted before the vendor is cleared to work.
Learn moreVendor credentialing is the process of collecting, verifying, and maintaining the documents that show a vendor is qualified and approved to work at a property. In multifamily operations, this commonly includes Certificates of Insurance (COIs), licenses, certifications, W-9s, contact information, and access permissions. It is an ongoing process because credentials can expire or change during the…
Learn moreA vendor detail line is an individual charge or allocation row within a vendor invoice record. It usually represents a specific cost that needs to be reviewed, coded, split, or assigned to the right property, unit, work order, service category, or account. It is different from the invoice header, which summarizes high-level information like vendor, invoice number, date, and total amount.
Learn moreA Vendor ID is a unique code assigned to a vendor in an organization’s system. In multifamily operations, it helps connect the same vendor record across invoices, payments, purchase orders, service requests, and compliance documents.
Learn moreA vendor list is a maintained record of approved or preferred service providers a property team can use for maintenance, repairs, and other property operations. It typically includes details such as vendor name, service category, contact information, locations served, compliance status, and contract or payment notes. In multifamily operations, the list helps teams quickly identify who to contact,…
Learn moreVendor management is the process of finding, approving, coordinating, tracking, and evaluating third-party service providers who support property operations. In multifamily, this often includes contractors for maintenance, repairs, cleaning, landscaping, pest control, and emergency work. It also covers practical controls such as vendor contacts, permissions, documentation, communication, and…
Learn moreA vendor selection process is the structured way a multifamily operator decides which outside service providers are approved to perform work across a property or portfolio. It typically includes confirming the property’s needs, checking insurance, licenses, references, and operational fit, then documenting approved vendors so teams know who can be used. At scale, it is an ongoing control point,…
Learn moreVendor sync is the process of keeping vendor records, identifiers, assignments, compliance status, and related workflow updates aligned across property management and operations systems. In multifamily operations, it helps teams use the same vendor information when assigning work, managing approvals, or tracking invoices. A good sync reduces duplicate entry and lowers the chance that teams act on…
Learn moreA virtual leasing assistant is software that helps prospects interact with a property through automated, self-service conversations during the leasing journey. It can answer common questions, support scheduling, and help move inquiries to the right leasing team member when human follow-up is needed. In multifamily operations, it is often part of a broader digitally supported leasing experience.
Learn moreA virtual tour is a digital way for prospects to view an apartment, unit, or community without visiting in person. It may use 360° imagery, 3D views, recorded video, or a live video walkthrough with a leasing team member. In multifamily leasing, virtual tours help prospects understand the space remotely before deciding whether to apply, schedule an in-person visit, or lease sight unseen.
Learn moreA virtual tour is a digital way for prospects to view an apartment community or unit without visiting in person. It can be live, such as a video walkthrough with a leasing associate, or on-demand, such as a recorded video or interactive 3D tour. In multifamily operations, virtual tours are part of the touring mix alongside in-person and self-guided tours.
Learn moreVoice AI is artificial intelligence that lets people interact with software by speaking naturally, often over the phone or through a mobile device. It can transcribe speech, understand what the caller or user needs, respond in spoken language, and connect the conversation to operational workflows. In multifamily, it is commonly used for resident communication, maintenance intake, leasing…
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