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Rental Glossary - W

Walk-up

An apartment building with no elevator, or a rental unit in a building with no elevator. Montreal duplexes and triplexes can be considered walk-up apartments.

See Efficiency Apartment, Railroad Apartment, and Studio Apartment.

Work Letter

An agreement between a commercial landlord and tenant that stipulates the amount of money to be spent on the build-out of the tenant’s space, usually negotiated.The work letter can either be a separate letter, or attached to the lease.

See Build Out.

Weighted Average Rental Rate

The average proportion of unequal rental rates in two or more commercial buildings within a market area. The average rental rate is defined as the total rental revenues divided by the weighted average (the bigger the commercial building, the more impact it has on the average) of occupied units for the period.

Wear and Tear

Damage, depreciation or loss in value caused by weathering and age, as well as a tenant's normal and reasonable use of a rental property. In many leases, the tenant is not responsible for "normal wear and tear".