The Implied Warranty of Habitability is a legal doctrine that ensures rental properties are fit for human habitation. It requires landlords to maintain their properties in a condition that meets basic living and safety standards.
The vacancy rate represents the percentage of all units or spaces that are unoccupied or not rented. It is a crucial metric in real estate and finance, used to estimate the vacancy allowance on a pro-forma income statement, which is then deducted from Potential Gross Income (PGI) to derive Effective Gross Income (EGI).
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