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Rental Glossary - P

Periodic Rental Agreement

A rental agreement, oral or written, that states the length of time between rent payments (i.e. a week or a month), but not the total number of weeks or months that the rental agreement will be in effect.

Property Manager

A liaison between the landlord or property owner and the tenant.

Some property owners hire a property manager to handle the administration of their rental property such as the advertising empty rental units, dealing with rent issues and tenant complaints, and signing and renewing rental leases.

See Landlord and Superintendent.

Percentage Lease

A commercial property lease stipulating that a percentage of the tenant's gross or net sales made on the specific premises will constitute the rent. With a percentage lease, there is usually a clause for a minimum rental amount. A ceiling rent may also be provided for.

See Gross Lease and Net Lease.

Preleased Space

See Future Proposed Space.

 

Prime Space

See First Generation Space.

 

Potential Rental Income

The total amount of income for a rental property if it were 100 percent occupied and rented at competitive market rates. In Montreal real estate investing, analyzing the income potential of a rental property begins with knowing the gross income estimated, while disregarding losses due to non-payment or vacancy.

Also referred to as the Gross Scheduled Income.

Pro Rata

In proportion, according to measure, interest, or any factor that can be precisely calculated. In terms of real estate rental property, it represents the proportionate share of expenses paid by the tenant for the maintainenance and operation of the property.

See Common Area Maintenance.