Multifamily Operations Physical Vacancy The percentage of units actually unoccupied at a point in time.
Multifamily Operations Pro Forma Variance Difference between projected and actual operating metrics in multifamily.
Multifamily Operations Renovation Premium The rent uplift achievable on a unit after renovating to market standards.
Multifamily Operations Resident Retention The rate at which existing tenants renew leases — a key operational metric.
Multifamily Operations RUBS Ratio Utility Billing System — allocating utility costs to tenants based on a formula.
Multifamily Operations Sub-Metering Individual unit metering for utilities, allowing direct tenant billing.
Multifamily Operations Submarket A geographic sub-area within a larger market, often used in multifamily comparables.
Multifamily Operations T-12 Trailing 12 months of property financials — the standard underwriting document.
Multifamily Operations T-3 Annualized Three trailing months annualized — useful when a value-add property’s recent performance differs from T-12.
Multifamily Operations Trailing Twelve Operating Expenses (T-12 OpEx) Last 12 months of property expenses, used to underwrite multifamily acquisitions.
Mortgage Securitization Yield Maintenance A CMBS prepayment penalty making the lender whole on lost interest.
