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Multifamily Real Estate Glossary

Multifamily Real Estate Glossary

What is a "Notice to Vacate" in Multifamily?

A "Notice to Vacate" in multifamily housing is a formal written notice from either a tenant or landlord to terminate a lease agreement, specifying the move-out date and essential details for lease termination.

May 31, 2024

What is Rent Manager?

Rent Manager is an all-in-one property management software that streamlines tasks like tenant and lease tracking, accounting, maintenance, and online payments for both residential and commercial properties.

May 31, 2024

What is Prorated Rent?

Prorated rent is the amount a tenant pays for a partial month when they move in or out of a rental property partway through the month, ensuring they only pay for the days they occupy the unit.

May 31, 2024

What is a Good Operating Expense Ratio in Multifamily?

A good opex ratio in multifamily real estate usually ranges from 35% to 50%, reflecting efficient management, with lower ratios indicating higher efficiency and higher ratios potentially indicating increased maintenance or inefficiencies.

May 31, 2024

What is Apartment Locating Software?

Apartment locating software is a specialized tool designed to assist renters, real estate agents, and property managers in finding and managing rental properties efficiently. It offers features such as advanced search filters, interactive maps, virtual tours, and application management, streamlining the entire rental process.

May 28, 2024

What is Smart Apartment Data?

Smart Apartment Data is a comprehensive platform offering detailed analytics and insights on the multifamily housing market to help real estate professionals make informed decisions and optimize their operations.

May 28, 2024

What is a Floor Plate?

A floor plate is the footprint of a building's single floor, encompassing gross and net usable areas, designed to accommodate structural loads, functional layouts, building services, and efficient circulation.

May 26, 2024

What is AirDNA?

AirDNA is a comprehensive data analytics platform that provides real-time insights and tools for analyzing and optimizing short-term rental investments and management.

May 26, 2024

What is Vivint in Real Estate?

Vivint is a smart home technology company that integrates advanced home security, automation, and energy management solutions to enhance property value, appeal to tech-savvy buyers or renters, and provide convenience and security for homeowners.

May 26, 2024

Airbnb vs VRBO: Which is Better?

The choice between VRBO and Airbnb depends on the type of property and target market, with VRBO being better for whole-property rentals and families, while Airbnb offers more flexibility and attracts a diverse audience.

May 26, 2024
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