Revenue
Gain to lease
The amount by which in-place rents exceed current market rents across a property.
Gain to lease equals the sum of in-place lease rents minus the sum of market rents for those same units, when the result is positive. It usually appears after market rents fall, since residents who signed earlier are paying more than a new lease would bring.
Gain to lease signals renewal risk: residents paying above market may leave for a cheaper option, so renewal pricing needs extra care.
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