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Property management glossary

The terms property managers, landlords and vacation rental hosts use every day, defined in plain English, with a link to the tool, template or guide that goes further.

A

Average daily rate(ADR): The average rental income per booked night: room revenue divided by the number of nights sold. It measures price, not demand, so it is read together with the occupancy rate; a high ADR on a mostly empty calendar earns less than a moderate one that is full. Cleaning fees and taxes are usually left out.

C

Capitalisation rate(Cap rate): Net operating income divided by the property’s value or purchase price, as a percentage. It describes the return a property would produce if bought in cash, which makes it useful for comparing properties and markets, but it ignores financing. The cap rate calculator works it out from rent and expenses.
Cash-on-cash return: Annual pre-tax cash flow divided by the cash actually invested: down payment, closing costs and upfront repairs. Unlike the cap rate it reflects the mortgage, so it shows the return on your own money. The rental property ROI calculator calculates it with the monthly cash flow.
Channel manager: Software that connects a vacation rental’s calendar, rates and availability to booking platforms such as Airbnb, Booking.com and Vrbo, so a booking on one channel blocks the dates on all the others. API connections update in near real time; iCal links sync less often. See channel manager.
Co-host: Someone who runs a short-term rental on the owner’s behalf, usually through the owner’s own platform account, for a share of the booking revenue or a fixed fee. The owner keeps the listing and the payouts; the co-host handles guests, cleaning and pricing. The co-host fee calculator splits a payout, and Airbnb co-hosting software covers the tools.

D

Depreciation (rental property): A tax deduction that spreads the cost of a rental building over its useful life. In the US, residential rental buildings are depreciated over 27.5 years; land is not depreciable. The depreciation calculator works out the annual deduction.
Direct booking: A reservation made on the host’s or manager’s own website rather than through a platform, so no platform commission is paid. The host takes on the payment, the tax collection and the guest vetting that a platform would otherwise handle. See direct booking website.
Double booking: Two reservations for the same property on overlapping dates, usually because one channel had not yet received the other’s booking. A channel manager with API connections, or a single calendar that every channel reads from, is what prevents it.
Dynamic pricing: Nightly rates that change with demand: season, day of the week, local events, lead time and how full the market is. It can be automated with rules or a pricing tool. See pricing rules.

G

Gross rental yield: Annual rent divided by the property’s price, before any costs. It is a quick screen for comparing properties; net yield, which subtracts operating costs, is closer to what you earn. The rental yield calculator gives both.

H

Homeowners association(HOA): The body that manages the shared parts of a building or community and collects dues from each owner to pay for them. In Europe the equivalent is the owners’ association, run by a syndic in Belgium and France. See syndic and HOA management software.

I

iCal sync: A way of sharing a booking calendar between platforms through a calendar feed URL. It only carries blocked dates, not prices or guest details, and platforms refresh the feed on their own schedule, often every few hours, which leaves a window for double bookings. See booking calendar.

L

Lease renewal: Extending a tenancy at the end of its term, often with a rent change. Many jurisdictions require written notice of a rent increase a set number of days before it takes effect, so renewal dates need tracking well ahead. See lease and document tracking and rent increase laws by state.

M

Management agreement: The contract between a property owner and a property manager. It sets the fee, the services, who pays which costs, the spending limit the manager can approve alone, how and when the owner is paid, and how either side can end it. See the vacation rental management agreement template.
Management fee: What a property manager charges the owner, usually a percentage of collected rent for long-term rentals or of booking revenue for vacation rentals, sometimes with separate leasing, setup or maintenance markups. The property management fee calculator compares fee structures.
Mid-term rental: A furnished stay of roughly one to six months, typically for travelling professionals, students or people between homes. It sits between short-term and long-term rental and is often regulated as ordinary housing rather than tourist accommodation. See mid-term rental management software.
Move-in and move-out inspection: A documented walk-through of a unit at the start and end of a tenancy, with dated photos, recording its condition. Comparing the two is what supports any deduction from the security deposit. See the move-in and move-out checklist.

N

Net operating income(NOI): A property’s income minus its operating expenses, before mortgage payments, depreciation and income tax. Operating expenses include management, maintenance, insurance, property tax and an allowance for vacancy. NOI is the numerator of the cap rate.
Normal wear and tear: The deterioration that comes from ordinary use, such as faded paint, light carpet wear or loose door handles. In most jurisdictions it cannot be deducted from a security deposit; damage beyond it can. See security deposit management.

O

Occupancy rate: The share of available nights that were booked in a period. For long-term rentals the equivalent is the share of units let. Read it with the average daily rate: occupancy can always be raised by cutting price. See reports.
Owner portal: A login a property manager gives each owner to see their own properties: statements, payouts, bookings or leases and the costs charged against their income. A good one replaces most of the owner’s questions by email. See owner portal.
Owner split(Revenue share): The agreed division of booking revenue between owner and manager, or between several owners of one property. It can apply to gross revenue or to revenue after certain costs, which the agreement must define. See owner splits.
Owner statement: The periodic report a property manager sends each owner, usually monthly, showing income, expenses, the management fee and the amount paid out. See owner statements, or start from the owner statement template.

P

Prorated rent: Rent for part of a month, charged when a tenancy starts or ends mid-month. It is calculated from a daily rate based on the days in that month, the days in the year, or a 30-day month, as the lease specifies. The prorated rent calculator shows all three.

R

Registration number (short-term rental): An identifier issued by a city or national authority for a short-term rental unit, which must be shown on every listing. Under Regulation (EU) 2024/1028, in force since 20 May 2026, platforms must check it. See short-term rental regulations and compliance.
Rent roll: A list of every unit in a portfolio with its tenant, lease dates, rent, deposit and balance. Lenders and buyers ask for it, and it is the quickest check that what should be collected matches what was. See the rent roll template.
Rental pool: An arrangement, common in condo hotels and resorts, where several owners put their units into one rental programme and share the pooled income by an agreed formula, such as unit size or nights available. See rental pool management software and the rental pool distribution calculator.
Revenue per available night(RevPAR): Rental revenue divided by the number of nights available, booked or not. It equals average daily rate multiplied by occupancy, so it captures price and demand in one figure, which makes it the fairest single number for comparing properties.

S

Section 8 (Housing Choice Voucher): The US federal programme in which a local housing authority pays part of an eligible tenant’s rent directly to the landlord. The tenant generally pays about 30% of adjusted income and the voucher covers the rest, up to a payment standard. The Section 8 rent calculator estimates the split.
Security deposit: Money a tenant pays at the start of a tenancy as security against unpaid rent and damage. Most US states cap or regulate it and set a deadline to return it with an itemised list of deductions. See security deposit return deadlines by state.
Short-term rental(STR): A furnished home let by the night or week, usually for under 30 days, through platforms such as Airbnb or Vrbo or by direct booking. Most cities regulate it separately from ordinary housing, with permits, night caps or registration. See short-term rental management software.
Syndic: In Belgium and France, the manager appointed by a building’s owners’ association to run the common parts, keep the accounts, collect contributions and organise the general meeting. See syndic and HOA management software and the meeting minutes template.

T

Tourist tax(Occupancy tax): A local tax on overnight stays, charged per guest per night, as a percentage of the price, or per unit, depending on the city. Platforms collect it in some places; direct bookings are always the host’s responsibility. The tourist tax calculator works it out.
Trust account: A bank account a property manager holds for owners’ and tenants’ money, kept separate from the manager’s own funds. Many US states require one for licensed managers, with regular reconciliation. See property accounting software.
Turnover: The work between one guest or tenant leaving and the next arriving: cleaning, inspection, restocking and repairs. In vacation rentals it often has to fit between a morning checkout and an afternoon check-in. See cleaning scheduling.

V

Vacancy rate: The share of time, or of units, not let and earning rent. Investment calculations usually subtract an allowance for it, often 5–10% of gross rent, so a projection does not assume a full year of income.

W

Work order: A record of a maintenance job: what needs doing, where, who is assigned, the cost and the status. It turns a tenant’s request into a job a vendor can complete and an owner can be billed for. See maintenance.

Looking for numbers rather than definitions? The free tools work them out, and the free templates give you the documents.

Average daily rate(ADR)

The average rental income per booked night: room revenue divided by the number of nights sold. It measures price, not demand, so it is read together with the occupancy rate; a high ADR on a mostly empty calendar earns less than a moderate one that is full. Cleaning fees and taxes are usually left out.

Capitalisation rate(Cap rate)

Net operating income divided by the property’s value or purchase price, as a percentage. It describes the return a property would produce if bought in cash, which makes it useful for comparing properties and markets, but it ignores financing. The cap rate calculator works it out from rent and expenses.

Cash-on-cash return

Annual pre-tax cash flow divided by the cash actually invested: down payment, closing costs and upfront repairs. Unlike the cap rate it reflects the mortgage, so it shows the return on your own money. The rental property ROI calculator calculates it with the monthly cash flow.

Channel manager

Software that connects a vacation rental’s calendar, rates and availability to booking platforms such as Airbnb, Booking.com and Vrbo, so a booking on one channel blocks the dates on all the others. API connections update in near real time; iCal links sync less often. See channel manager.

Co-host

Someone who runs a short-term rental on the owner’s behalf, usually through the owner’s own platform account, for a share of the booking revenue or a fixed fee. The owner keeps the listing and the payouts; the co-host handles guests, cleaning and pricing. The co-host fee calculator splits a payout, and Airbnb co-hosting software covers the tools.

Depreciation (rental property)

A tax deduction that spreads the cost of a rental building over its useful life. In the US, residential rental buildings are depreciated over 27.5 years; land is not depreciable. The depreciation calculator works out the annual deduction.

Direct booking

A reservation made on the host’s or manager’s own website rather than through a platform, so no platform commission is paid. The host takes on the payment, the tax collection and the guest vetting that a platform would otherwise handle. See direct booking website.

Double booking

Two reservations for the same property on overlapping dates, usually because one channel had not yet received the other’s booking. A channel manager with API connections, or a single calendar that every channel reads from, is what prevents it.

Dynamic pricing

Nightly rates that change with demand: season, day of the week, local events, lead time and how full the market is. It can be automated with rules or a pricing tool. See pricing rules.

Management agreement

The contract between a property owner and a property manager. It sets the fee, the services, who pays which costs, the spending limit the manager can approve alone, how and when the owner is paid, and how either side can end it. See the vacation rental management agreement template.

Management fee

What a property manager charges the owner, usually a percentage of collected rent for long-term rentals or of booking revenue for vacation rentals, sometimes with separate leasing, setup or maintenance markups. The property management fee calculator compares fee structures.

Mid-term rental

A furnished stay of roughly one to six months, typically for travelling professionals, students or people between homes. It sits between short-term and long-term rental and is often regulated as ordinary housing rather than tourist accommodation. See mid-term rental management software.

Move-in and move-out inspection

A documented walk-through of a unit at the start and end of a tenancy, with dated photos, recording its condition. Comparing the two is what supports any deduction from the security deposit. See the move-in and move-out checklist.

Net operating income(NOI)

A property’s income minus its operating expenses, before mortgage payments, depreciation and income tax. Operating expenses include management, maintenance, insurance, property tax and an allowance for vacancy. NOI is the numerator of the cap rate.

Normal wear and tear

The deterioration that comes from ordinary use, such as faded paint, light carpet wear or loose door handles. In most jurisdictions it cannot be deducted from a security deposit; damage beyond it can. See security deposit management.

Occupancy rate

The share of available nights that were booked in a period. For long-term rentals the equivalent is the share of units let. Read it with the average daily rate: occupancy can always be raised by cutting price. See reports.

Owner portal

A login a property manager gives each owner to see their own properties: statements, payouts, bookings or leases and the costs charged against their income. A good one replaces most of the owner’s questions by email. See owner portal.

Owner split(Revenue share)

The agreed division of booking revenue between owner and manager, or between several owners of one property. It can apply to gross revenue or to revenue after certain costs, which the agreement must define. See owner splits.

Owner statement

The periodic report a property manager sends each owner, usually monthly, showing income, expenses, the management fee and the amount paid out. See owner statements, or start from the owner statement template.

Registration number (short-term rental)

An identifier issued by a city or national authority for a short-term rental unit, which must be shown on every listing. Under Regulation (EU) 2024/1028, in force since 20 May 2026, platforms must check it. See short-term rental regulations and compliance.

Rent roll

A list of every unit in a portfolio with its tenant, lease dates, rent, deposit and balance. Lenders and buyers ask for it, and it is the quickest check that what should be collected matches what was. See the rent roll template.

Rental pool

An arrangement, common in condo hotels and resorts, where several owners put their units into one rental programme and share the pooled income by an agreed formula, such as unit size or nights available. See rental pool management software and the rental pool distribution calculator.

Revenue per available night(RevPAR)

Rental revenue divided by the number of nights available, booked or not. It equals average daily rate multiplied by occupancy, so it captures price and demand in one figure, which makes it the fairest single number for comparing properties.

Section 8 (Housing Choice Voucher)

The US federal programme in which a local housing authority pays part of an eligible tenant’s rent directly to the landlord. The tenant generally pays about 30% of adjusted income and the voucher covers the rest, up to a payment standard. The Section 8 rent calculator estimates the split.

Security deposit

Money a tenant pays at the start of a tenancy as security against unpaid rent and damage. Most US states cap or regulate it and set a deadline to return it with an itemised list of deductions. See security deposit return deadlines by state.

Short-term rental(STR)

A furnished home let by the night or week, usually for under 30 days, through platforms such as Airbnb or Vrbo or by direct booking. Most cities regulate it separately from ordinary housing, with permits, night caps or registration. See short-term rental management software.

Syndic

In Belgium and France, the manager appointed by a building’s owners’ association to run the common parts, keep the accounts, collect contributions and organise the general meeting. See syndic and HOA management software and the meeting minutes template.

Tourist tax(Occupancy tax)

A local tax on overnight stays, charged per guest per night, as a percentage of the price, or per unit, depending on the city. Platforms collect it in some places; direct bookings are always the host’s responsibility. The tourist tax calculator works it out.

Trust account

A bank account a property manager holds for owners’ and tenants’ money, kept separate from the manager’s own funds. Many US states require one for licensed managers, with regular reconciliation. See property accounting software.

Turnover

The work between one guest or tenant leaving and the next arriving: cleaning, inspection, restocking and repairs. In vacation rentals it often has to fit between a morning checkout and an afternoon check-in. See cleaning scheduling.