Landlord glossary

CAM charges

Common area maintenance. In commercial leases, the share of shared costs, such as parking lots, landscaping and lobby upkeep, that a tenant pays on top of rent.

In Dr. Landlord: Commercial tenants can record leased square footage and CAM charges.

Cap rate

A year of net operating income divided by what the property is worth or cost. It lets you compare two properties without the effect of how each is financed.

Cash flow

What is left each month after the property's costs and the mortgage are paid out of its income. Positive means the property pays you. Negative means you are paying it.

In Dr. Landlord: Financial Reports shows what you collected, what you spent and the net for the month.

Cash-on-cash return

A year of cash flow divided by the cash you actually put into the deal. It shows what your own money earns, so it reflects the loan.

Deferred maintenance

Repairs that have been put off. They rarely stay the same size. A small leak left alone becomes a rotted floor, and the bill grows with the delay.

Eviction

The court process for removing a tenant. The steps, notices and timelines differ a great deal by place. In most places a landlord may not force a tenant out by changing locks or shutting off utilities. Talk to a local attorney before starting.

Grace period

The days after the due date during which rent can still arrive without a late fee. Many leases give a few days. Write the number into the lease instead of leaving it to habit.

In Dr. Landlord: Each account sets its own grace period for automatic late fees.

Habitability

The idea that a rental must be safe and livable, with working basics such as water, heat and a sound structure. The exact standard comes from local law, so check what applies where you rent.

Holdover tenant

A tenant who stays after the lease has ended. What happens next depends on the lease and local rules, and it can turn into a month-to-month tenancy if rent keeps being accepted.

Landlord insurance

Insurance on the building and your liability as the owner. It is different from a tenant's renter's insurance, which covers their belongings and some of their own liability.

Late fee

A charge for rent that arrives after the due date and grace period. Many places limit the amount or require it to be reasonable, and it generally has to be in the lease first.

In Dr. Landlord: Turn on late fees on the Financial Reports page and the app adds one fee per month once the grace period passes, emails the tenant a notice, and lets you waive it. See the late fee guide in Free tools.

Lease term

How long a lease runs, such as 12 months. During a fixed term the rent and conditions usually cannot change unless the lease says so.

Month-to-month tenancy

A tenancy with no fixed end date that renews each month. It gives both sides flexibility, and changes such as a new rent usually follow notice rules that vary by place.

Net operating income

Rent and other income, less vacancy and operating costs such as taxes, insurance and repairs, before the mortgage. It measures what the property earns on its own.

NNN lease

Triple net. A commercial lease where the tenant pays rent plus its share of property taxes, insurance and maintenance.

Normal wear and tear

The gradual aging a unit shows from ordinary use, such as faded paint or lightly worn carpet. It is different from damage, and it generally cannot be taken out of a deposit.

Pro-rated rent

Rent for part of a month, worked out by dividing the monthly rent by the number of days and multiplying by the days of occupancy. It comes up at move-in and move-out.

Renewal

Extending a lease for another term, often with a new rent. Deciding early, 60 to 90 days ahead, gives you time to find a replacement if the tenant says no.

In Dr. Landlord: Diagnostics lists leases ending in the next 60 days.

Rent roll

A list of every unit with its tenant, rent, lease dates and status. It is the one-page view of what a portfolio is supposed to bring in.

In Dr. Landlord: Tenant Records holds the unit, rent and lease end for every tenant.

Renter's insurance

A policy the tenant buys to cover their belongings and some personal liability. Many landlords require it in the lease and ask for proof.

In Dr. Landlord: You can record each tenant's provider, policy number and expiry date, and Diagnostics flags missing or expiring coverage.

Security deposit

Money a tenant pays at the start of a tenancy to cover unpaid rent or damage beyond normal wear and tear. Rules on the maximum, where it is held and how fast it must be returned vary by place.

In Dr. Landlord: Track the amount, deductions, notes and the date a deposit is returned for each tenant.

Sublease

When a tenant rents the unit, or part of it, to someone else. Most leases forbid it without the landlord's written consent.

Turnover

The change from one tenant to the next, including cleaning, repairs, repainting and finding the replacement. Turnover costs are one reason keeping a good tenant is cheaper than replacing one.

Vacancy rate

The share of time, or the share of units, that is empty. Even a well-run property has some. Leaving it out of your numbers makes the returns look better than they are.

Work order

A written request to fix something, with the unit, the problem, who is assigned and the status. Also called a maintenance ticket.

In Dr. Landlord: Every request lands on the Maintenance Board with a status.

Diagnostics

Our name for the page that flags what needs attention across your portfolio: leases ending soon, insurance missing or expiring, overdue tenants and unresolved critical tickets.

Healthy and Under Treatment

Our labels for a property's status. Healthy means the property is in good standing. Under Treatment means something needs attention and stays flagged until it is sorted.

Specialists

Our name for the vendors you hire, such as plumbers, electricians and cleaners, kept with their contact details so the right call is one click away.

Triage

Sorting repair requests by urgency so the emergencies are seen first. In the app an AI read suggests how urgent a request is, who to call and what it may cost, and you stay in charge of the decision.

Vitals Dashboard

Our name for the home screen: collected versus billed, open tickets and what needs attention, all at a glance.