Glossary
Multifamily leasing terms,
defined in plain language.
32 terms operators, leasing teams, and owners use every day, from guest cards to loss to lease.
A
- Above-property team
- Staff who support several properties from a regional or corporate role, such as regional managers, central leasing agents, and marketing.
- AI leasing agent
- Software that answers prospect calls, chats, texts, and emails, qualifies the lead, and books tours without a person on every conversation. Related: AI Voice Agent →
- Ancillary revenue
- Income a property earns beyond base rent, such as fees, services, and resident programs. Related: Ancillary Revenue →
- Application fraud
- False or altered information on a rental application, such as edited pay stubs or a stolen identity.
C
- Centralized leasing
- Running leasing for several properties from one shared team instead of an office at each property.
- Concession
- A discount offered to win or keep a lease, such as a free month or reduced rent.
- CRM
- Customer relationship management software. In multifamily, it tracks every prospect and resident conversation, task, and outcome. Related: AI CRM →
D
- Delinquency
- Rent that is past due. Delinquency rate is the share of rent owed that has not been paid on time.
E
- Economic occupancy
- The share of potential rent a property actually collects, after vacancy, concessions, and bad debt.
F
- Fair Housing Act
- The US law that bans discrimination in housing based on race, color, national origin, religion, sex, familial status, or disability. It applies to what leasing staff and leasing software say to prospects.
G
- Guest card
- A record of a prospect's first contact with a property, with their details, needs, and move-in date.
I
- ILS
- Internet listing service. A site where renters search for apartments, such as Apartments.com or Zillow.
- Income verification
- Confirming that an applicant earns what they reported, usually through pay data, bank data, or documents.
L
- Lead-to-lease rate
- The share of new leads that sign a lease. It shows how well marketing and leasing work together.
- Lead-to-tour rate
- The share of new leads that book and attend a tour.
- Lease-up
- The period when a new or renovated property fills its units for the first time.
- Loss to lease
- The gap between market rent and the rent current residents actually pay.
N
- Notice to vacate
- A resident's formal notice that they will move out at the end of the lease.
P
- Physical occupancy
- The share of units with a resident living in them, whether or not rent is paid.
- PMS
- Property management system. The system of record for units, leases, rent, and accounting, such as Yardi, RealPage, ResMan, or Entrata. Related: Integrations →
- Prospect
- A person who has shown interest in renting but has not signed a lease.
R
- Renewal
- A new lease term signed by a current resident. Related: Renewals →
- Rent reporting
- Sending a resident's on-time rent payments to the credit bureaus so the payments can build credit history. Related: Ancillary Revenue →
- Renter journey
- Every step from a renter's first search through the lease, the stay, the renewal, and move-out.
- Resident retention
- The share of residents who renew instead of moving out.
S
- Screening
- Checking an applicant's credit, rental history, and background before approving a lease.
- Security deposit alternative
- A program that replaces a lump-sum deposit with a smaller fee, often paid monthly. Related: Ancillary Revenue →
- Self-guided tour
- A tour the prospect takes without a leasing agent, often with a smart lock code or app.
- Speed to lead
- How fast a property responds to a new inquiry. Faster responses usually convert at higher rates.
T
- Tour-to-lease rate
- The share of toured prospects who sign a lease.
U
- Unit turn
- The work to prepare a unit for the next resident after a move-out, such as cleaning, repairs, and paint.
W
- Warm handoff
- Passing a conversation from AI to a person with the full history attached, so the renter does not repeat themselves. Related: Agent Assist →