Below are the definitions for different rental statuses amongst our single family long-term rental asset class:
This property has a signed purchase contract and is awaiting closing.
The duration for this process typically ranges from 30 to 45 days but may vary depending on the property, resulting in a shorter or longer timeframe.
Seller post-closing occupancy
A post-closing occupancy agreement has been negotiated with the sellers.
A formal agreement was negotiated while under contract with the seller. If PCO is less than 30 days, the agreement is part of the Purchase and Sale Agreement (the form used is based on county/MLS). If greater than 30 days, the PCO will be managed through our PM with a formal lease.
Vacant property not being marketed for rent for reasons other than initial rehab or turn. See the specific property page for more details.
The property management team is preparing the property for the market (rehab/turn work, maintenance, photos, etc.)
Approved rental application
The property has an approved lease application and is awaiting the resident's move-in.
Marketed for rent
This property is currently listed for rent on Zillow and other major rental sites.
This property has a signed lease and is occupied by a resident.
The property's resident is currently in the eviction process. We are working diligently with our property manager to resolve this issue in a timely manner.
Note: See the specific property page for more updates, which will include the eviction file date and any other pertinent information we have received.
An unauthorized individual has entered this property without a valid lease. As soon as it is confirmed that the individual is a squatter, the property manager takes immediate action to remove them. We are working diligently with our property manager to resolve this issue in a timely manner.
Note: See the specific property page for more updates.
If you have property-specific questions, please reach out to firstname.lastname@example.org.