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Multifamily Real Estate Glossary

Multifamily Real Estate Glossary

What is a Lease Guarantor?

A lease guarantor is a person or entity that agrees to take responsibility for a tenant's obligations under a lease agreement. This typically includes paying rent and covering any damages in case the tenant is unable to fulfill these obligations themselves.

April 20, 2024

What's the Difference Between Multifamily Rent Surveys and Revenue Management?

Multifamily rent surveys provide benchmark data for competitive positioning, whereas revenue management continuously optimizes rental pricing and occupancy to maximize revenue based on current market dynamics.

April 20, 2024

What is a Cul De Sac?

A cul-de-sac, also known as a dead end or no through road, is a street that is closed at one end, typically with a rounded turnaround area, designed to limit through-traffic in residential neighborhoods. This layout promotes a quieter, safer environment for residents, making it a popular feature in suburban housing developments.

April 20, 2024

What is a Plat of Survey?

A Plat of Survey is a detailed map created by a licensed surveyor that shows the boundaries, dimensions, and physical features of a property. It includes precise details such as lot lines, measurements, locations of improvements like buildings and driveways, as well as easements, encroachments, and rights-of-way.

April 20, 2024

What Does "Tract" Mean in Real Estate?

In real estate, the term "tract" refers to a specific area of land that has been mapped and designated for development or division into smaller lots. This concept is commonly used in residential development, where a large parcel of land is subdivided into individual lots for the construction of homes.

April 20, 2024

What Does Gutting a House Mean?

Gutting a house involves extensively stripping the interior down to its structural elements to facilitate significant updates or complete redesign, often requiring professional involvement to ensure compliance with building codes and structural integrity.

April 20, 2024

Is Property Management a Good Career?

Property management is a stable and rewarding career with growth potential, involving diverse responsibilities from tenant management to regulatory compliance, suitable for those with strong organizational and problem-solving skills and who can handle stress and irregular hours.

April 20, 2024

What Does FRBO Mean in Real Estate?

"FRBO" stands for "For Rent By Owner." This term is used to describe properties that are available for rent directly from the owner, rather than through a rental agent or property manager.

April 20, 2024

What Does FSBO Mean in Real Estate?

"FSBO" stands for "For Sale By Owner." It refers to a property that is being sold directly by its owner, without the involvement of a real estate agent.

April 20, 2024

What is an MTM Lease?

An MTM lease, or month-to-month lease, is a type of rental agreement where the lease term renews each month automatically until either the landlord or tenant decides to terminate the agreement. This arrangement provides flexibility for both parties, as it does not bind them to a long-term commitment.

April 20, 2024
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