Glossary - Zelman

Absorption Rate: The rate at which available apartment units are rented over a specific period, used to gauge market demand.
Absorption Rate: The number of new homes sold per actively selling community in a given time period. An absorption rate of 1.0 sales per community per week is often considered a “healthy” new home market.
Absorption Rate: The pace at which homes are sold or leased in a given market over a specific period.
Active Adult: Refers to an age-restricted, new home community designed for buyers typically aged 55 and over.
Active Listings: Properties currently on the market for sale or lease.
Adjustable-Rate-Mortgage (ARM): A loan with an interest rate that changes periodically based on a benchmark index after an initial fixed period.
Affordability Index: A measure of how affordable manufactured homes are relative to household incomes and traditional housing options.
Agent Count: The total number of licensed real estate agents affiliated with a brokerage or franchise network, used to assess the company’s scale and market presence.
Agent Productivity: A measure of how much business each agent generates, often expressed as transactions closed, sales volume, or Gross Commission Income (GCI) per agent.
Agent Retention Rate: The percentage of agents who remain with the brokerage or network over a defined period, often the inverse of attrition and a sign of organizational health.
Amenity: A feature or facility offered by an apartment complex to enhance residents’ comfort or lifestyle (e.g., gym, pool, laundry room).
Amortization: The process of gradually paying off a loan through regular principal and interest payments over time.
Anchoring System: The tie-down and foundation system used to secure a manufactured home to the ground for stability and code compliance.
Apartment: A rental housing unit within a multi-unit building, typically leased by tenants from a property owner or management company.
Appraisal: An independent, professional assessment of a property’s market value for purposes such as sale, financing, or taxation.
Appreciation: The increase in a property’s market value over time, often influenced by demand, location, and market conditions.
Attach Rate: The proportion of closed transactions that include additional brokerage-affiliated services (such as mortgage, title, or insurance), reflecting cross-sell success.
Attrition Rate: The percentage of agents who leave a brokerage or franchise network over a given period, often used as an indicator of satisfaction and retention effectiveness.
ATV (Average Transaction Value): The average amount a consumer spends per purchase in a category, such as furniture or home goods.
Average Days on Market: The pace at which homes are sold or leased in a given market over a specific period.
Average Days on Market (DOM): The average number of days a property stays listed before it is sold, indicating market speed.
Average Ticket: The average dollar amount spent per customer transaction.
Backlog: The number of manufactured homes ordered but not yet produced or delivered, reflecting future production volume.
Backlogs: The total volume of orders received but not yet fulfilled, indicating future production or shipment demand.
Bad Debt: Rent that is unlikely to be collected.
Balloon Payment: A large, lump-sum payment due at the end of a loan term, often for partially amortized mortgages.
Base Price: The starting price of a new home before optional upgrades, lot premiums, or design selections are added.
Basis Points (bps): A unit of measure equal to 0.01%, used to describe changes in interest rates, margins, or other percentages.
Blended Rent Growth: Combined rent growth across new leases and renewals.
Blended Rent Growth: Combined rent growth for new move-ins and renewals, weighted by their respective shares.
Bridge Loan: Short-term financing used to “bridge” the gap between buying a new property and selling an existing one.
Broker of Record: The licensed broker responsible for all transactions and compliance in a brokerage.
Brokerage Revenue: Income earned by real estate brokers or agents from facilitating property sales or leases.
Brownfield Development: Redeveloping previously used or contaminated land, often requiring environmental remediation.
Build Cycle Time: The total time it takes to complete a home from groundbreaking to move-in.
Buildable Land: Portions of a parcel that meet zoning, environmental, and engineering requirements for construction.
Builder Confidence Index: A survey-based measure of how optimistic homebuilders are about current and future market conditions.
Builder Warranty: A guarantee from the homebuilder covering specific repairs or defects for a set period after purchase.
Build-for-Rent: Homes constructed specifically to be rented rather than sold.
Building Permits: Government authorizations required before construction or major renovations can begin.
Buyer-Seller Gap: The difference between what builders are willing to pay for land versus what landowners are willing to accept, which can slow transactions or encourage renegotiation.
CAGR (Compounded Annual Growth Rate): The average annual growth rate of a value (like sales or revenue) over a period of time, assuming it grows at a steady rate.
Cancellation Index: A measure (0–100 scale) indicating the frequency of terminated or withdrawn purchase agreements in a market.
Cancellation Rate: The percentage of gross orders that are later canceled before closing.
Cap Rate: A ratio that estimates the expected rate of return on an income-producing property, calculated by dividing net operating income by property value.
Cash Share of Purchases: The proportion of home purchases made entirely with cash rather than financed with a mortgage.
Cash-Out Refinance: A refinancing in which the borrower takes out a new, larger loan and receives the difference in cash from the property’s equity.
Catch-Up Effect: A subsequent adjustment or correction in reported data following an overstatement or understatement in prior periods.
Certificate of Occupancy: A document issued by local authorities certifying that a newly built or renovated home is safe and compliant for occupancy.
Chassis: The permanent steel frame that supports a manufactured home, allowing it to be transported to the site.
Chattel Loan: A personal property loan used to finance a manufactured home that is not permanently affixed to land.
Closed Transactions: Deals that have been finalized and officially completed.
Closing: The final stage in a real estate transaction when all documents are signed, funds are exchanged, and ownership officially transfers to the buyer.
Commission Rate: The percentage of a sale or lease price earned by a broker for their services.
Commission Split: The percentage division of GCI between the agent and the brokerage. Reflects the brokerage’s compensation model and agent incentive structure.
Community Count: The total number of active residential developments or subdivisions where a builder is selling homes.
Community Owner/ Operator: The individual or company that owns and manages a manufactured housing community, collecting lot rent and maintaining infrastructure.
Comp (Comparable Sales): A metric that measures sales growth or decline for retail locations open at least one year, used to gauge underlying business performance.
Condo: A privately owned residential unit within a larger building or complex, where common areas and amenities are jointly owned by all residents through a condominium association.
Conforming Loan: A mortgage that meets the size and underwriting standards set by GSEs.
Consensus Estimate: The average forecast from multiple analysts or data sources for a financial or market indicator, used as a performance benchmark.
Consessions: Incentives or discounts offered to attract or retain tenants.
Consolidation (MHC): The trend of large operators acquiring smaller manufactured housing communities, increasing ownership concentration in the sector.
Construction Timeline: The estimated duration for a home to progress from permit approval to completion.
Consumer Confidence Index (CCI): A measure of how optimistic or pessimistic consumers feel about the economy and their financial situation.
Contractionary Reading: A value or signal indicating slowing growth or declining activity in a market or sector.
Co-op: A form of ownership in which residents purchase shares in a corporation that owns the property, granting them the right to occupy a specific unit.
Correlation: A statistical relationship showing how closely two variables move together, used to identify predictive or dependent patterns.
Cost Index: A metric tracking changes in production or input costs over time.
Cost-to-Maintain: Total costs for repairs, maintenance, and capital expenditures per property.
Credit Score: A numerical measure of a borrower’s creditworthiness, influencing loan approval and interest rates.
Custom Home: A house built according to the buyer’s specifications, often on land they already own.
Days-Adjusted Revenue: Revenue adjusted to account for differences in the number of selling days between reporting periods to ensure accurate comparisons.
Debt-to-Income Ratio (DTI): The ratio of a borrower’s monthly debt payments to their gross income, used to assess loan eligibility.
Deed: A legal document that formally transfers property ownership from one party to another.
Default: Failure of a borrower to meet the terms of the mortgage, typically non-payment of principal or interest.
Delinquency Rate: The percentage of loans in a portfolio where borrowers are late on payments, an indicator of credit risk.
Delinquency Rate: Percentage of tenants who are late or behind on rent payments
Demand Index: A composite indicator measuring overall demand strength in a market, typically scaled from 0 to 100.
Depreciation: The decline in the value of a property over time due to wear and tear, age, or market factors, often used for tax purposes.
Destocking: The reduction of inventory by manufacturers or distributors, often in response to lower demand.
Development Cost Inflation: Increase in costs related to materials, labor, infrastructure, and fees required to prepare land for construction.
Development Yield-on-Cost: A real estate metric that measures a project's potential profitability by dividing the projected net operating income (NOI) at stabilization by the total development cost.
Diffusion Index: A metric summarizing survey results where values above 50 indicate expansion and below 50 indicate contraction.
Disposable Income: The amount of money households have left to spend after taxes, which affects consumption patterns.
Down Payment: The initial lump sum paid by a buyer toward the purchase price of a property, usually expressed as a percentage of the total cost.
Drainage Plan: A plan for managing water runoff to prevent flooding and soil erosion on a development site.
Dropped Contracts: Land purchase agreements that builders abandon or cancel due to pricing misalignment, pipeline constraints, or low expected returns.
Duplex/Triplex: A residential structure divided into two or three separate living units, each with its own entrance and utilities.
Earnest Money: A good faith deposit paid by a buyer (often a builder) to demonstrate commitment to a land purchase or option agreement, typically refundable if contingencies are not met.
Easement: A legal right allowing someone else to use a portion of land for a specific purpose, like utilities or access.
Effective Rent Growth: Weighted average rent change across both renewals and new leases.
EHS (Existing Home Sales): The total number of previously owned single-family homes sold during a given period.
EHS Turnover: The percentage of the existing single-family home market that is sold and replaced in a given period, reflecting market liquidity.
Entitlement: Legal approval from local authorities to develop land for a specific use, such as residential or commercial.
Entry-Level: Homes designed and priced for first-time buyers, typically smaller in size and located in more affordable areas. This segment emphasizes attainable pricing and functional layouts over luxury features.
Environmental Assessment: A study that evaluates the potential environmental impact of developing a parcel of land.
Equity: The ownership interest a homeowner has in a property, calculated as the property’s current market value minus any outstanding mortgage debt.
Escrow: A neutral third-party service that holds funds, documents, or property until all terms of a real estate transaction are met.
Excess Capacity: When industry production capability exceeds demand, often leading to price and margin pressure.
Existing Home Sales: Sales of previously owned single-family homes in the market.
Expansionary Reading: A value or signal indicating accelerating growth or increasing activity in a market or sector.
Financing Availability: The accessibility of chattel loans, FHA loans, or mortgages for purchasing manufactured homes — a major factor in sector growth.
Finished Lot: A parcel of land fully developed with utilities, grading, and roads, ready for immediate home construction.
Finished Lot Inflation: Change in the price of finished lots over time, reflecting shifts in demand, construction costs, and market conditions.
Fixed-Rate Mortgage: A mortgage loan with an interest rate that remains constant over the life of the loan, providing predictable payments.
Foot Traffic: The number of customers entering a store, often used to measure store popularity or marketing effectiveness.
Foreclosure: A legal process initiated by a lender to recover the balance of a loan by forcing the sale of the property used as collateral after borrower default.
Forward Yield Curve: A projection of future interest rates based on current market data, used to anticipate changes in mortgage rates.
Franchise Fee: The recurring payment made by a franchisee to the franchisor, typically a percentage of revenue or commissions, for use of the brand and corporate support.
Fraudulent Applications Prevalence: Measure of how common fraudulent rental applications are in the leasing process.
Funded Volume: The total dollar amount of mortgage loans that have successfully closed and been disbursed (“funded”) during a given period, representing realized production.
Gain-on-Sale (GOS) Margin: The profit a lender earns when selling a mortgage to a secondary market investor, expressed as a percentage of the loan amount.
Garden Style: A low-rise, typically 1-3 story, residential building located in a complex with landscaped grounds, courtyards, and green spaces.
Grading: The process of leveling or shaping land to prepare it for construction.
Grading Permit Ready: Lots that have received necessary grading and site approvals, allowing builders to start construction immediately; often command a premium.
Greenfield Development: Developing previously undeveloped land, typically on the outskirts of urban areas.
Gross Acreage: The total area of a land parcel before deductions for roads, easements, or infrastructure.
Gross Commission Income (GCI): The total commissions earned by agents before splits, fees, or expenses are deducted — typically calculated as a percentage of total sales volume.
Gross Margin: The difference between revenue and the cost of goods sold, expressed as a percentage of revenue.
Gross Orders: The total number of new home purchase agreements signed before cancellations are deducted.
Gross Rent: The total rent amount a tenant pays, including utilities or other mandatory fees.
Gross Transaction Value (GTV): The total dollar value of all real estate transactions facilitated by a brokerage or platform over a given period — a key measure of market activity.
GSE (Government Sponsored Enterprise): Entities like Fannie Mae or Freddie Mac that buy and securitize mortgages to provide liquidity.
GSE-backed Loan: A mortgage or financing product for a manufactured home that is provided or guaranteed by Government-Sponsored Enterprises (GSEs) such as Fannie Mae or Freddie Mac.
Hard Costs: Direct construction expenses including labor, materials, and site work.
Hard Money Loan: A short-term, asset-based loan usually provided by private investors or companies rather than traditional banks.
High Rise: A tall residential building with multiple floors, generally defined as being at least 75 feet tall or seven stories high.
HOA (Homeowners Association): An organization in a planned community that enforces property standards, manages shared amenities, and collects maintenance fees from residents.
Home Improvement Channel: The retail and distribution network serving renovation, maintenance, and remodeling demand, including home centers, pro dealers, and specialty stores.
Home Price Index: A statistical measure tracking changes in the prices of residential properties over time.
Homeownership Rate: The percentage of households that own their homes versus rent, influencing furniture and home goods demand.
Household Formation: The number of new households created in a period, which drives demand for housing and furniture.
Housing Affordability Index: A measure of the ability of a typical household to afford a median-priced home in a given market, often expressed as a percentage.
HUD Code: The national construction and safety standards established by the U.S. Department of Housing and Urban Development (HUD) that govern manufactured home design and performance.
Impact Fees: Fees charged by local governments to offset the cost of new development on public services and infrastructure.
Impairment Risk: Risk that a land asset’s value must be written down due to declining market conditions or reduced recoverable value.
Incentives: Discounts or financial offers (e.g., rate buydowns, closing cost assistance) used by builders to improve affordability and stimulate demand.
Incremental Tarrifs: Additional import taxes applied beyond existing tariff levels, often due to new trade policies or renegotiations.
Infill Development: Construction of new housing on vacant or underused parcels within existing urban areas, leveraging existing infrastructure and amenities while promoting higher-density growth.
Infrastructure Cost: Expenses associated with building roads, utilities, drainage, and other essential services for a development.
Input Costs: The expenses associated with raw materials, components, and other inputs used in manufacturing products.
Installation Site: The final location where a manufactured home is placed and anchored, often within a land-lease community or on private land.
Interest: The cost of borrowing money, expressed as a percentage of the principal balance over a set period of time.
Interest-Only Loan: A loan where the borrower pays only interest for a set period, after which principal repayment begins, often resulting in higher future payments.
Inventory: The total number of unsold new homes available in the market at a given time.
Inventory Index: A metric (0–100 scale) tracking the supply of available homes for sale in different market segments.
Inventory Turnover: A measure of how quickly inventory is sold and replaced over a period, indicating efficiency and demand.
Investor Demand Index: 0–100 measure of investor interest in single-family rental acquisitions.
Jumbo Loan: A loan that exceeds conforming limits, often requiring stricter underwriting standards.
Land Banking: A financial arrangement where investors buy land on behalf of homebuilders or developers and earn a fee to hold the land until the client is ready to use the asset.
Land Demand: Level of builder and developer interest in acquiring finished lots or raw land, often used as a leading indicator of housing construction activity.
Land-Lease Community: A community where residents own their homes but lease the land beneath them from a park or community owner.
Landlord: The owner of an apartment or building who rents out units to tenants.
Landlord: An individual or entity that owns property and leases it to tenants in exchange for rent.
Lease: A legally binding agreement that grants a tenant the right to use a property for a defined period in exchange for rent payments.
Lease Renewal Rate: The proportion of leases renewed compared to the total leases expiring in a given period.
Lease Renewal Rate: The percentage of leases extended for another term in a rental portfolio.
Lease Up: Period during which a property is being leased to reach stabilized occupancy.
Leaseable Occupancy: Percentage of units that are available to rent and currently leased.
Lease-Up Period: The time it takes to rent out all available units in a newly built or renovated apartment complex.
Lien: A legal claim or encumbrance placed on property as security for the payment of a debt or obligation.
Listing: A property that has been officially placed on the market for sale or lease, often represented by a licensed real estate agent.
Listing Price / Asking Price: The initial price set by the seller for a property when it is put on the market.
Listings: Properties a brokerage currently has available for sale or lease.
Loan Servicing: The administration of a mortgage by collecting payments, managing escrow accounts, and handling defaults or delinquencies.
Loan to Value Ratio (LTV): The percentage of a home’s value that is financed with a mortgage. A higher LTV means the borrower made a smaller down payment.
Lock Volume: The total dollar amount of loans for which borrowers have locked in an interest rate during a specific period, reflecting near-term origination pipeline activity.
Lot: A defined parcel of land intended for a single home or structure.
Lot Pipeline: The total number of lots a builder controls or plans to develop for future construction.
Lot Premium: An added cost for purchasing a more desirable home site within a community (e.g., corner lot, lake view).
Lot Rent: The monthly fee residents pay for leasing the land their manufactured home sits on, often including utilities and amenities.
Manufactured Home: A prefabricated home built in a factory on a permanent steel chassis and transported to its site, meeting federal HUD construction standards.
Margin Contraction: A decrease in profit margins due to higher costs, lower prices, or an unfavorable mix.
Margin Erosion: The reduction in profit margins due to rising costs, lower prices, or heavier incentives.
Margin Expansion: An increase in profit margins from higher prices, lower costs, or a favorable mix.
Margin Feedback: Information on how pricing, costs, and mix changes are affecting profit margins.
Margin Index: A measure tracking changes in profit margins over time, often used to benchmark performance.
Market-Rate Apartment: An apartment rented at the current market value without rent restrictions or subsidies.
MLS (Multiple Listing Service): A centralized database that allows licensed real estate agents to share information about properties available for sale or rent.
Modular Home: A home built in factory sections (modules) that are transported and assembled on-site, meeting the same local building codes as site-built homes.
Mortgage: A loan secured by real property, where the borrower agrees to repay the lender over time with interest, using the property as collateral.
Mortgage Note: The legal document outlining the terms of a mortgage loan, including the amount borrowed, interest rate, and repayment schedule.
Mortgage Spread: The difference between the interest rate on a mortgage and the yield on a comparable Treasury security, reflecting lender profitability.
Mortgage-Backed Security (MBS): A financial product created by pooling mortgages and selling the cash flows to investors.
Move-In Rent Growth: Rent change for new tenants moving into a property.
Multi-Family: A property that contains multiple separate residential units within one building or complex, such as apartments or duplexes.
Multi-Section Home: A manufactured home made up of two or more sections joined together on-site to create a larger floor plan.
Municipality Fees: Charges imposed by local governments for development approvals, infrastructure connections, or building permits.
Net Absorption: Number of units leased minus units vacated over a period.
Net Acreage: The area of land available for development after subtracting non-buildable portions like easements or public spaces.
Net Effective Rent (NER): The actual average monthly rent after factoring in concessions or rent discounts.
Net Effective Rent (NER): Rent after accounting for concessions, discounts, or other incentives.
New Home Starts: The number of new single-family homes where construction has begun in a given period.
New Move-In Rent Growth: Rent growth measured specifically for tenants moving into a home for the first time.
NIMBYism: “Not In My Back Yard” opposition by local residents to new development, zoning changes, or housing projects, often hindering manufactured housing adoption.
Occupancy Rate: The percentage of apartment units currently leased compared to the total number available in a building or market area.
Occupancy Rate: The percentage of rental homes that are currently occupied by tenants.
Omnichannel Sales: Sales generated through multiple channels, including in-store, online, and mobile platforms.
Operating Margin: Profitability after subtracting operating expenses, reflecting efficiency of store operations.
Optioned Lots: Parcels of land that builders control through purchase options rather than outright ownership.
Order Activity: The pace at which builders, distributors, or customers place new product orders during a given period.
Origination Fee: A fee charged by a lender to process a new mortgage loan, usually a percentage of the loan amount.
PCE (Personal Consumption Expenditures): A measure of household spending on goods and services, including categories like furniture, appliances, and other consumer products.
Pending Listings / Under Contract: Properties with accepted offers but not yet finalized.
Pending Sales Index: A metric tracking the number of homes under contract but not yet closed, used to predict future sales activity.
Permit Activity: The number of building permits issued, used as an indicator of new home construction trends.
Pipeline Refill: Builders’ efforts to acquire or option lots to replenish inventory for future construction cycles, particularly after dropping or renegotiating previous deals.
Placement: The process of transporting and installing a manufactured home at its final site — often tracked as an industry metric similar to “housing starts.”
Planned Community: A large-scale residential development that includes amenities, green spaces, and sometimes retail or schools, designed as a cohesive neighborhood.
PMI (Private Mortgage Insurance): Insurance required by lenders when a borrower makes a down payment of less than 20%, protecting the lender in case of default.
Point-of-Sale (POS): The moment or system where a retail transaction occurs, often used to track real-time sales trends.
Points / Discount Points: Upfront fees paid to the lender at closing to reduce the mortgage interest rate; typically 1 point = 1% of the loan amount.
POS (Point of Sale): The location or system where a transaction occurs and a sale is recorded.
Prepayment Penalty: A fee charged to a borrower for paying off a mortgage before a specified date, often to protect lender returns.
Price Consessions: Reductions in price offered to customers, typically to stimulate demand or close sales.
Price Diffusion Index: A metric (0–100 scale) showing the proportion of homes experiencing price changes, helping assess overall price trends.
Price Elasticity: A measure of how sensitive the demand for a product or service is to changes in its price; high elasticity means demand changes a lot when price changes.
Price Pressure: Downward force on home prices due to competition, inventory levels, or weak demand.
PRICE Program: A HUD program that provides grants to maintain, protect, and stabilize manufactured housing and manufactured housing communities.
Price Sensitivity: How responsive consumers are to changes in price, closely related to price elasticity.
Price/Mix: The combined effect of changes in product pricing and sales mix on overall revenue.
Price/Mix Realization: The actual revenue impact achieved from pricing and product mix changes, often compared to expectations.
Pricing Power: Landlord’s ability to raise rents without significantly affecting demand.
Pricing Power Index: Indicator of how much rent operators can increase without losing tenants.
Principal: The original amount of money borrowed on a loan, excluding interest and other charges.
Private Label: Products sold under a retailer’s brand, often with higher margins than national brands.
Production Builder: A company that constructs multiple homes from a set of pre-designed plans within a community or subdivision.
Production Capacity: The maximum number of homes a factory can produce within a certain timeframe, influenced by labor, materials, and efficiency.
Property Management Fees: Fees earned by managing residential or commercial properties for owners.
Property Stabilization: When a property reaches target occupancy and predictable cash flow.
Pull Forward: When customers accelerate purchases ahead of schedule, often due to anticipated price increases or supply constraints.
Purchase Loan: A mortgage issued for the purpose of buying a home, as opposed to refinancing an existing one.
R&R (Repair & Remodel): Work performed to maintain, upgrade, or modernize existing homes rather than build new ones.
Rate Buydown: A financing incentive where the builder temporarily or permanently reduces the buyer’s mortgage rate by paying points upfront.
Rate Easing Cycle: A period during which the Federal Reserve lowers interest rates to stimulate economic activity.
Rate-Term Refinance: A refinancing where the borrower changes the interest rate and/or loan term without taking additional cash from the property.
Raw Land: Undeveloped land with no existing infrastructure or entitlements, typically requiring significant investment before homes can be built.
Real Property Conversion: The legal process of converting a manufactured home from personal property (chattel) to real estate by affixing it to owned land.
Refinancing: The process of replacing an existing mortgage with a new one, typically to obtain better loan terms, a lower rate, or to access equity.
Refurbishment Activity: Renovation or updating of existing buildings that supports ongoing material demand outside new construction.
Regional Pricing Power Index: Measures the relative magnitude of off-market or unavailable single-family rental homes (e.g., units held for repairs, upgrades, or future delivery) compared to total inventory.
REIT (Real Estate Investment Trust): A publicly traded company that owns, operates, or finances income-producing real estate, allowing investors to buy shares and earn dividends.
Renewal Rent Growth: Rent change for tenants renewing existing leases.
Renewal Rent Growth: Rent growth measured on tenants renewing their existing lease.
Rent Roll: A detailed report of rental income for a property, listing all tenants, lease terms, and monthly rents.
Rent-Controlled Apartment: An apartment where rent increases are limited by government regulations to keep housing affordable.
Rent-to-Own: An agreement allowing a tenant to rent a property with the option to purchase it at a later date, often with part of rent credited toward the purchase price.
Rent-Wage Gap: The difference between the rate of rent growth and the rate of wage growth for tenants.
Replacement Rate: The rate at which existing products (like furniture) are replaced or upgraded by consumers.
Resident-Owned Community (ROC): A manufactured home community collectively owned and managed by the residents through a cooperative model.
Residual Value: The calculated value of a lot after accounting for development costs, projected home sale prices, and builder margins; used to assess deal attractiveness.
Re-Trading: The practice of renegotiating previously agreed land purchase contracts, typically to lower prices, extend escrow periods, or adjust lot delivery specifications in response to market conditions.
Revenue Growth Outlook: A forecast of the expected rate at which a company’s or sector’s sales will increase over a future period.
Rezoning: The process of changing a property’s zoning classification to allow different land uses.
Right-of-Way (ROW): Land designated for public access, such as roads, sidewalks, or utility corridors.
Royalty Fee: A continuing fee paid by a franchise office to the parent company based on a percentage of its GCI or revenue, funding ongoing brand marketing and support.
Same-Store-Sales: Sales growth measured only at stores that have been open for a full year, used to assess organic growth.
Seasonal Slowdown: A predictable dip in housing or construction activity tied to time-of-year factors such as weather or holidays.
Seasonality: Predictable fluctuations in rental demand or occupancy based on time of year.
Seasonally-Adjusted: A statistical adjustment made to data to remove the effects of predictable seasonal patterns.
Seasonally-Adjusted Occupancy: Occupancy rate adjusted to remove typical seasonal fluctuations.
Section 8 Housing: A government-assisted housing program that provides rent subsidies for low-income families and individuals.
Security Deposit: A refundable payment made by a tenant to cover potential damages or unpaid rent during their lease.
Security Deposit: Funds paid by a tenant to a landlord at the start of a lease to cover potential property damage or unpaid rent.
Sell-Through: The rate at which inventory moves from distributors or retailers to end customers.
Sequential: Comparing performance metrics from one period to the immediately preceding period (e.g., month-over-month or quarter-over-quarter).
Share of Wallet: The percentage of a customer’s total spending in a category that goes to a specific company or brand. Analysts often normalize SOW to compare across customer segments or time periods.
Shipments: The total number of manufactured homes delivered from factories to retailers or communities within a given period — a key indicator of sector activity.
Short Sale: A property sale where the lender agrees to accept less than the outstanding mortgage balance, often used in distressed situations.
Shrinkage: Loss of inventory due to theft, damage, or errors.
Single-Family Home: A detached residential structure designed to house one family, with no shared walls.
Single-Family Home: A detached residential property designed to house one family or household, typically including private land and utilities.
Single-Section Home: A manufactured home built as one complete unit, typically smaller and more affordable than multi-section models.
Single-Wide Factory-Built Home: A manufactured home built as a single section in a factory, typically smaller and more affordable than multi-section models.
Site Plan Approval: Government approval for the detailed layout and design of buildings, lots, and infrastructure on a development site.
Site-Built Single-Family Completions: Newly constructed traditional homes built on-site, used as a benchmark to compare the volume and market share of manufactured homes.
SKU (Stock Keeping Unit): A unique identifier for each product or item a store sells.
Soft Costs: Indirect expenses in a homebuilding project, such as design fees, permits, insurance, and marketing.
Spec Home (Speculative Home): A house built by a developer without a specific buyer in mind, intended to be sold once construction is complete.
Speculative Inventory: Completed or nearly completed homes built by a developer before a buyer is secured.
Spring Selling Season: The period, typically from March through June, when home sales activity is strongest.
Stockout Rate: The percentage of items unavailable for sale when customers want to buy them.
Subdivision: A parcel of land divided into individual lots for residential development.
Subdivision: Dividing a large parcel of land into smaller lots for sale or development.
Subdivision Plat: A map showing how a parcel of land will be divided into lots, streets, and easements.
Subsidized Housing: Apartments offered at reduced rents to low-income residents, typically supported by government or nonprofit programs.
Supply Chain Lead Time: The time it takes for products to move from suppliers to store shelves.
Takedown Schedule: A phased plan for acquiring lots from a developer over time, aligned with construction pace or absorption rates, allowing builders to manage capital and inventory efficiently.
Tariff Surcharge: An added cost applied to products to offset import tariffs or trade-related fees.
Technology Fee: A fixed or recurring fee charged to agents or franchisees to cover access to the brokerage’s technology platforms, CRM systems, and digital tools.
Tenant: An individual or entity that occupies or rents property under a lease agreement with the property owner.
Tenant: A person who rents and occupies an apartment owned by another individual or entity.
Tenant Retention Rate: The percentage of renters who renew their leases rather than move out when their term ends.
Tenant Retention Rate: The percentage of tenants who renew their leases rather than move out.
Tenant Retention Rate: The percentage of tenants who renew their leases over a given period, measuring property management effectiveness.
Title: A legal concept signifying ownership rights in property, including the right to sell, use, and transfer the asset.
Topography: The shape and elevation of the land, important for drainage, grading, and construction planning.
Townhouse: A multi-level residential unit sharing one or more walls with adjacent properties, often featuring individual ownership and small private outdoor space.
Tract Housing: A development of many similar homes built on a subdivided parcel of land by one builder.
Transaction Volume: The total dollar value of property deals completed in a period.
Turnover Cost: The expenses a landlord incurs when a tenant moves out, such as cleaning, repairs, and marketing for new tenants.
Turnover Rate: The frequency at which tenants move in and out of apartments within a certain period.
Turnover Rate: The rate at which tenants vacate and are replaced in rental homes.
Two Year Basis: A performance comparison measuring growth or decline relative to the same period two years earlier, smoothing short-term volatility.
Under Construction Inventory: Homes currently being built but not yet completed or sold.
Underwriting: The process a lender uses to evaluate a borrower’s creditworthiness and the risk of a mortgage loan, including reviewing credit history, income, assets, and property value.
Unit Declines: A decrease in the number of physical products sold, regardless of price changes.
Unit Origination (% of Households): The percentage of households that originate a mortgage during a specific period, indicating lending activity.
Upgrade Options: Additional or higher-end features buyers can choose when building a new home, such as premium flooring or countertops.
Vacancy Rate: The percentage of available apartments that are currently unoccupied in a building or market area.
Vacancy Rate: A metric indicating the percentage of rental units in a property or area that are unoccupied over a specific period.
Volume Pressure: Downward pressure on sales or shipments due to weaker demand or market conditions.
Zoning: Local government regulations that define how property in specific geographic zones can be used and developed.
Z-Score: A statistical measure expressing how far a data point deviates from its historical mean, used to assess relative strength or weakness.

Glossary of Housing Sector Terms

Terms & Definitions