Actual Rent – Actual Rent is the monthly rate charged residents to occupy an apartment. The amount illustrated is as-is, without additional qualification.

Market Standard Rent – The Market Standard Rent is an apples-to-apples, converted rent. Conversion reflects the effect of differences in certain outside-the-norm functional attributes, holding reasonably quantifiable value. Inclusion of a functional attribute results in deduction from, or addition to, Actual Rents to arrive at the Market Standard Rent.

Alcove One Bedroom Apartment – The alcove one bedroom (also, bachelor one bedroom/mini one bedroom) apartment is a hybrid floorplan, a compromise between a studio apartment and a one bedroom apartment. The alcove one bedroom apartment is distinguished from a studio apartment by incorporation of a defined sleeping area, and is distinguished from a one bedroom apartment in that the sleeping area is not separated by a wall and doorway from the living area. Typically the alcove one bedroom apartment is smaller in size than a small one bedroom apartment.

Competitive Cluster – A Competitive Cluster is a grouping of properties most like a subject property; determined to be most likely to exert competitive impact on a subject property contained within a defined geographic area surrounding the subject property. A typical Competitive Cluster includes properties contained within a three-mile radius of the subject property.

Context® – Yardi Matrix’s Patented (Patent numbers 7,974,930 and 8,060,450) Context® function is based on a statistical scoring model, placing relative values on real estate improvements, and locations. A series of variables, rated according to inclusion, and degree of desirability, are considered, then weighted according to relative importance. The result provides a graded index which then is placed in perspective within a curved scale defining the individual property’s position in relation to total market inventory.

Efficiency Apartment Unit – An efficiency floorplan includes a combined sleeping/living area, and separate bath. The efficiency apartment is similar in format to a studio floorplan, but smaller in size, and rather than including a full kitchen, an element present in a studio floorplan, the efficiency apartment incorporates limited kitchen facilities, generally incorporating an under-the-counter refrigerator, hotplate, and microwave oven, grouped adjacent to bath facilities.

Live-Work Apartment – This type of unit allows the resident to conduct a small business on the ground floor of the building. A most common use would be an artist/loft space, however it can be a regular office type of atmosphere as well.

Single Room/Resident Occupancy (SRO) – SRO tenants typically share bathrooms and/or kitchens, while some SRO rooms may include kitchenettes, bathrooms, or half-baths.

Loft Studio Apartment – The loft studio apartment, consistent with a traditional studio unit format, provides a single living space – without a defined bedroom area. The loft studio floorplan is distinguished from a conventional studio unit by large space – more likely to be comparable in size with a two bedroom apartment – and typically incorporating above-standard ceiling height.

Competitive Market – A competitive market can be defined as any one of a metropolitan area’s submarkets, or an area within a one, to a five, mile radius.

Standard Apartment Unit – Six apartment unit types compose the majority of total metropolitan area apartment units. These standard units include: efficiency, studio, one bedroom, two bedroom/one bath, two bedroom/two bath, and three bedroom/two bath floorplans.

Non-Standard Unit – Any apartment not defined as one of six standard types. Non-standard units incorporate a broad array of types, but collectively compose a limited (less than 10.0% of total inventory) share of metropolitan area apartments.

Power Index – The Power Index compares one submarket’s relative rental rate strength with other submarkets. The Power Index is calculated by selecting a floorplan, then dividing that floorplan’s average submarket rent by the metropolitan area average rent in the same floorplan.

Property Type – Yardi Matrix defines “Property Type” by improvements rating, based on the Yardi Matrix Context® rating system. Property types are further defined by assumed position against the rental market as:

Student Housing – Student Housing is furnished, rented by the bed, (as opposed to conventional rental – by the apartment) and positioned to appeal specifically to student residents, although rental may not necessarily be limited to students. Student Housing is most often located immediately adjacent, or closely proximate, to a college or university campus.

Military Housing – Military Housing, located typically on military bases, is privately developed. Rental is restricted to military personnel, but operated as a private enterprise.