Rental Terms and Definitions

Rental Definitions and Glossary of Rental Terms

The A to Z list of real estate terms for landlords and property managers

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

A notice of abandonment is a document that is used to notify a tenant that their tenancy has been terminated.

Affordable housing is a type of housing that is affordable to low-income families and includes both owned and rental housing.

B

Items that are permanently attached to a dwelling or building are considered “built-ins” such as some appliances, cupboards, and shelving

C

The term “cap rate,” short for capitalization rate, describes the rate of return on investment (ROI) that certain properties are expected to produce.

A capital improvement is any permanent alteration or improvement that is made to a property with the intent to raise its value.

A document that confirms the property you are purchasing does not have structural issues and is fit for human occupancy.

D

The money that is required to cover the payment of interest and principal on a loan or other debt for a real estate property for a particular time period.

A duplex is a multi-family home that has two units in the same building. These two units always share a common wall, but the floor plan can vary.

S

Section 8 Housing is a government program that allows low-income families to afford housing in the private market.

Security deposits are refundable expenses used to protect landlords from financial loss from unpaid rent or property damage.

T

A tenancy is a right granted to a tenant to temporarily occupy or possess real estate that belongs to a landlord, commonly under a lease.

Tenant Improvements are modifications to a commercial space that are made specifically for a tenant. They’re not the same as Fitting Out.

Tenant screening is the process of screening potential tenants to determine if they are a good fit for your property.

W

A warranty deed is a legal document that transfers ownership of real property and protects buyers and sellers from title defects

Z

A Rent Zestimate® (pronounced Zest-ti-met) is Zillow’s estimated monthly rent price, computed using a proprietary formula.

PayRent is on a mission to build a rent collection app that fosters a positive and productive relationship between renters and landlords. We focus less on transactions and more on the people behind them.

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