AIC CAC key terms

Federal law prohibiting discrimination in the sale, rental, and financing of housing based on protected characteristics such as race, color, religion, sex, national origin, familial status, and disability.

A group of people identified by a characteristic, such as race, disability, or familial status, that the law shields from discriminatory housing practices.

A protected characteristic covering households with children under 18, pregnant individuals, or anyone securing legal custody of a minor. Rules that unreasonably restrict children may violate fair housing law.

A change in rules, policies, practices, or services that gives a person with a disability equal opportunity to use and enjoy a dwelling, such as waiving a no-pets rule for a service animal.

A structural change to a dwelling or common area, at the resident's expense where appropriate, that allows a person with a disability full use of the property, such as installing grab bars or a ramp.

Intentional discrimination in which a person is treated differently because of a protected characteristic, such as quoting a higher rent to an applicant based on national origin.

A neutral policy or practice that disproportionately harms members of a protected class, even without discriminatory intent, and is unlawful unless justified by a legitimate business necessity.

Treating an applicant or resident unfavorably because of a physical or mental impairment, or failing to provide required accommodations or modifications for that impairment.

A written limit on how many people may live in a unit, typically two per bedroom, applied uniformly and based on health, safety, and space rather than on children.

A written or oral notice to an applicant explaining that an application was denied or approved on less favorable terms, including the reason and the applicant's rights under consumer reporting law.

The objective, written standards a property applies consistently to all applicants, such as income ratios, credit history, and rental history, used to decide whether to approve a rental application.

A form an applicant completes to request a lease, providing identity, income, and history information that the property uses to evaluate eligibility under its screening criteria.

The percentage of available units currently occupied by paying residents, calculated by dividing occupied units by total rentable units and a key measure of leasing performance.

The share of potential rent actually collected, reflecting both physical occupancy and losses from vacancy, concessions, and uncollected rent. It is usually lower than physical occupancy.

The rental income a property forgoes because units sit empty, calculated as vacant unit-days multiplied by market rent. It is a major controllable expense in a budget.

A rent reduction or incentive offered to attract or retain residents, such as one month free or waived fees. Concessions reduce effective rent and must be tracked in the budget.

The actual average rent received per unit after subtracting concessions and discounts from the face or contract rent, showing the true revenue value of a lease.

The rent a comparable unit would command in the current local market, determined by surveying similar properties and used to set asking rents and evaluate performance.

A report listing every unit, its resident, lease dates, contract rent, and balance, used to monitor occupancy, collections, and upcoming lease expirations.

Rent or fees that are past due and unpaid. Properties track delinquency aging and follow a written collections policy, including notices and legal steps where allowed.

A charge imposed when rent is not paid by the due date, as specified in the lease and permitted by state law. It must be reasonable and disclosed before it is assessed.

A forward-looking plan of expected income and expenses for a property over a set period, used to control spending, set rent goals, and measure financial performance.

A property's effective rental income minus operating expenses, before debt service and income taxes. It is a primary measure of a property's financial performance.

A report comparing budgeted figures to actual income and expenses, highlighting where performance differed and prompting management to explain and correct significant gaps.

A binding contract between landlord and resident setting rent, term, rules, and each party's obligations. Its terms must comply with fair housing and state landlord-tenant law.

Money held by the landlord to cover unpaid rent or damage beyond normal wear and tear, subject to state limits, required handling, and deadlines for return after move-out.

Deterioration from ordinary use of a unit over time, such as faded paint or worn carpet, which the landlord may not charge against a security deposit.

A documented walk-through of a unit after a resident vacates, recording condition and damage so deposit deductions can be justified and disputes resolved fairly.

The process of offering a resident a new lease term before the current one expires, typically including updated rent and terms, to retain occupancy and reduce turnover cost.

The process and cost of a unit becoming vacant, being made ready, and being re-leased. High turnover raises expenses and lowers occupancy, so retention efforts matter.

The cleaning, repairs, painting, and inspections performed to prepare a vacant unit for the next resident, ideally completed on a schedule that minimizes vacancy days.

Scheduled, proactive servicing of building systems and equipment to prevent failures, extend asset life, and reduce emergency repair costs and resident complaints.

A written record of a maintenance request that documents the problem, location, assigned technician, and completion, supporting accountability and maintenance history tracking.

Urgent repair work needed to protect health, safety, or property, such as a burst pipe or no heat, typically handled under a documented after-hours response procedure.

The legal standard requiring landlords to keep rental units safe, sanitary, and fit for living, covering items such as heat, water, plumbing, and structural integrity.

Identifying, reducing, and transferring risks at a property through inspections, safety policies, documentation, and insurance so that injuries and losses are prevented or minimized.

A written account of an accident, injury, or property damage on site, recorded promptly and factually to support insurance claims, legal defense, and safety improvements.

The legal obligation of a property manager to act in the owner's best interest, exercising loyalty, care, and honesty in handling property finances and decisions.

A situation where a manager's personal interest could improperly influence decisions for the owner, such as steering contracts to a relative's company, which must be disclosed and avoided.

The ethical and often contractual duty to protect sensitive information about residents, applicants, and owners, sharing it only with those who have a legitimate need to know.