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Real Estate Dictionary

What is a Covered Land Play?

A Covered Land Play is a real estate investment where the current income from a property offsets holding costs while the investor waits to redevelop the land for a higher-value use in the future.

June 27, 2025

What is Valet Trash in Multifamily?

Valet Trash in multifamily housing refers to a doorstep trash collection service provided to residents, usually five nights a week. Instead of walking to a dumpster or centralized trash compactor, residents place their bagged garbage in a provided bin or outside their door during a designated time window.

June 27, 2025

What is Base Rent in Multifamily?

Base Rent is the scheduled monthly rent a tenant pays only for the right to occupy the apartment home. It excludes all other recurring or one-time charges.

June 27, 2025

What's the Difference Between an Urban 1BR, Convertible and Junior 1BR Unit?

A convertible is an oversized studio with an open alcove you can screen off, a junior 1-BR pre-partitions that alcove to mimic a small bedroom, and an urban 1-BR is simply a rebranded junior/convertible marketed with city-centric finishes and flair.

June 16, 2025

What is an Urban 1BR?

An Urban 1BR is a small apartment that keeps studio-like square footage but tucks the bed behind a partial wall or sliding door—often with no bedroom window—to give renters a hint of privacy at a price just below a traditional one-bedroom.

June 16, 2025

What are the Four P’s of Multifamily Performance?

Multifamily success depends on four levers—People, Price, Product, and Promotion—working in concert so that skilled teams, market-aligned rents, appealing units, and targeted marketing collectively attract and retain residents.

June 16, 2025

What are CSI Codes in Construction?

CSI Codes, developed by the Construction Specifications Institute, are standardized classifications—most notably in the MasterFormat system—that organize construction materials, products, and activities into 50 divisions for clear documentation and communication across building projects.

June 3, 2025

What are the Best Parking Management Solutions for Multifamily Properties?

Top parking management solutions for multifamily properties—like ParkM, Parking Boss, and ButterflyMX—offer features such as digital permits, guest pass systems, license plate recognition, and real-time enforcement tools to streamline operations, improve space usage, and enhance resident convenience.

June 3, 2025

What is the Worst Month to Rent an Apartment?

The worst months to rent an apartment are typically May through August—especially July—due to high demand, limited inventory, and fewer concessions.

June 3, 2025

What is an Apartment Locating Service?

An apartment locating service helps renters find apartments that match their needs for free, earning a commission from the property when a lease is signed.

June 3, 2025
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