This fee serves as compensation to the landlord for the potential loss of rental income resulting from the unplanned vacancy.
It consists of two separate units within a single structure. These units often share walls.
This arrangement means the agent has fiduciary responsibilities to both parties, creating a delicate balance that must be managed with transparency and integrity.
A down payment in real estate is the initial amount paid when purchasing a property. It is often represented as a percentage of the home's total price.
The delinquency rate indicates the percentage of loans in the multifamily sector that are in arrears, reflecting the financial health of both the property and its management.
A damage deposit ensures that the landlord has funds to repair any significant damage caused by the tenant, providing a safety net for property maintenance.
A credit check involves reviewing a potential tenant's credit report to assess their credit score. The credit score reflects the tenant's history of managing debt and making payments on time.
A concession in multifamily leasing is an incentive offered by landlords or property managers to attract tenants. For example, tenants might get reduced rent or a period of free rent.
The primary function of a common area is to provide shared utilities and services that enhance the quality of living for residents.
