Income & Expense Essentials
This is the primary source of property income, typically generated from leasing units.
What is rental income?
This is defined as the sum of rent for all units, including vacant ones and amenity pricing.
What is Gross Potential Rent (GPR)?
This represents lost rent when units are unoccupied.
What is vacancy loss?
This report compares actual performance to budgeted amounts.
What is the Budget Comparison report?
This metric is calculated by subtracting vacancy loss from market rent and dividing by market rent.
What is physical occupancy?
This accounting method records income and expenses when they actually occur, not when cash is exchanged.
What is accrual accounting?
This represents the difference between market rent and what a resident actually pays.
What is loss to lease?
This is an incentive offered to reduce rent and is separate from loss to lease.
What are concessions?
This report shows the maximum rent a property could generate under ideal conditions on a per unit basis.
What is the GPR (Gross Potential Rent) report?
This is what people refer to as “below the Line”
What are capital expenses?
This includes fees, utilities, and other revenue streams beyond rent.
What is other (ancillary) income?
This term describes the amount of rent a resident is actually paying.
What is potential (or actual) rent?
This occurs when unpaid balances are removed and placed into bad debt after move-out.
What are write-offs?
This is a communication tool between you and the Accounting team.
What is the Financial Change Form?
This is money collected from past residents.
What is Bad Debt Recovery?
This financial tool acts as the property’s yearly game plan.
What is a budget?
This type of rent reflects the base rent plus amenities and sets asset value.
What is market rent?
In a perfect scenario, this percentage would be collected if there were no vacancy or concessions.
What is 100% of potential rent?
These are pre-built structures used to organize financial data in reports.
What are account trees?
This is the final income line that aggregates rental and ancillary income.
What is total income
This is what OneSite uses in place of the GPR report.
What is the Lost Rent Summary report?
This detailed report records every transaction and supports financial statements.
What is the General Ledger?
This is when an expense is recorded on the books before it’s been paid.
What is an accrual?
This detailed report records every transaction and supports financial statements.
What is the General Ledger?
This final metric is calculated after subtracting both controllable and non-controllable expenses from income.
What is Net Operating Income (NOI)?