This notice balances the landlord’s responsibilities for property maintenance with the tenant’s right to privacy.
Normal wear and tear refer to the natural deterioration that occurs over time with regular use of any rental property.
A triplex apartment is a multifamily structure that combines three separate residential units into one building. Each unit has its own kitchen, bathroom, living room, and exterior doors.
At its core, property turnover rate is the frequency at which a property changes occupants within a specific timeframe.
Such repairs are vital in ensuring that a property remains competitive and attractive to potential tenants while maintaining the overall quality of the living environment.
Gross rental income includes all income generated from rent and additional services, while expenses cover maintenance, property management fees, and utilities.
This simple yet effective tool gauges loyalty and helps identify areas for improvement, ultimately enhancing customer service.
NOI is calculated by subtracting all necessary operating expenses from a property's total revenue.
NIM is calculated by dividing the market value of a property by its net operating income (NOI). This provides a clear indicator of the property's income-generating potential.
