Unit-level rents, concessions & amenities
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In the multifamily real estate industry, property managers and owners continuously strive to attract and retain tenants while maximizing revenue. One effective strategy commonly used is offering concessions. These can range from rent discounts, free rent periods, or waived fees. While concessions can be a powerful tool for achieving or maintaining
Public Facility Corporations (PFCs) partner with private developers to create affordable housing by offering financial incentives like tax exemptions.
Accumulated depreciation is a contra-asset account that reduces the value of an asset on the balance sheet, reflecting the total depreciation recorded over time.
Compact parking refers to smaller parking spaces designed for compact cars, allowing more vehicles to fit in a given area.
In multifamily real estate, STR units are short-term rental units within a property, typically rented out for brief stays through platforms like Airbnb, offering higher per-night revenue but requiring more management and facing potential regulatory challenges.
In multifamily real estate, "ATR" stands for Absorption, Turnover, and Retention, which are key metrics for assessing the leasing rate, tenant turnover, and lease renewal rates of a property.
LIHTC incentivizes developers to create affordable housing through tax credits, while Section 8 provides rental assistance vouchers to low-income families to afford private market housing.
In most cases, garage space is excluded from the square footage of a home in residential listings and appraisals but may be included for building codes and other specific contexts.
The Low-Income Housing Tax Credit (LIHTC) program incentivizes private investment in affordable rental housing by providing tax credits to developers, who then use these credits to attract equity from investors, thus creating and rehabilitating housing for low-income households.
A co-signer typically stays on a lease for its entire term, often one year, and may remain obligated during renewals unless released by the landlord or upon early lease termination.
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