Rental Property


  • A property purchased to be rented out to one or more occupants who are not owners. Also known as an "income property" or "non-owner occupied property."

non-owner occupied property, income property, rental house


Related Terms and Acronyms

  • Condominium Conversion Definition,
    • When an existing building such as a rental project changes to the condominium form of ownership.
  • Income Property Definition,
    • Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."
  • Investment Property Definition,
    • Property bought with the hope of it making money.
  • Kingston Rental Property Owners Association (KRPOA)Company, Kingston, Ontario, Canada,
    • Landlord Definition,
      • One who rents or leases his or her property to another person or a business.
    • Lease (lse) Abbreviation,
      • A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
    • Lessor Definition,
      • The person who grants a lease.
    • Non-owner Occupant Definition,
      • A borrower who purchases a property for investment or rental purposes and will not occupy the property.
    • Rent Definition,
      • When one party pays another for the use of an asset, service or property.
    • Rental Agreement (RA) Acronym, Important,
      • A document that states the terms and conditions for tenancy of a dwelling.
    • Second Home Definition,
      • An additionally purchased property, often a vacation or a rental property.
    • Second Home Mortgage Definition, Important,
      • A mortgage used purchase property, often a vacation or a rental property.
    • Sublet Definition,
      • An arrangement where a tenant leases property to a subtenant.
    • Tenant Definition,
      • One who rents property.
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