| Daylight — Glossary of Terms | |||
| Term | Plain-English Definition | Technical Detail | Related Terms |
| Bed Group | A grouping of units in Daylight that share the same bedroom and bathroom count. All units in a bed group share a base rent. | Corresponds to bedroom_count + bathroom_count in the Daylight data model. Amenity and FP premiums differentiate individual unit prices within a group. | Base Rent, Floor Plan Premium |
| Base Rent | The starting price point for a bed group. All individual unit rents = base rent + premiums. | The algorithm's primary output. When a recommendation is made, it is expressed as a new suggested base rent for the group. | Bed Group, Recommended Rent |
| NER (Net Effective Rent) | The real rent a resident pays after accounting for concessions like free weeks. | Calculated as: (Gross Rent × Lease Term − Concession Value) ÷ Lease Term. Daylight prices off NER, not gross rent. | Gross Rent, Concession |
| Concession | A discount given to a prospective resident — typically free weeks of rent. | Daylight bakes concessions into its NER-based recommendations from day one. | NER, Gross Rent |
| Target Occupancy | The occupancy goal you want the property or bed group to reach. | The model prices to move toward this number. Setting it higher will put downward pressure on rate to fill units faster. Setting it lower will cause model to be more aggressive with rate increases. | Occupancy, Target Occupancy Mode |
| Target Occupancy Mode (TOM) | A mode that makes the model more aggressively pursue the occupancy target, even at the cost of lower rents. | Uses the go-live date as an anchor for lease history baseline. When ON: prioritizes occupancy over rate. When OFF: more balanced. | Target Occupancy, Go-Live Date |
| Go-Live Date | The date when Daylight is the source truth for pricing typically the same day as when the 2-way integration is turned on. | Critical setup milestone. Also anchors when lease history is used for base prices in TOM. Set only after base rents and premiums are stable. | PMS, Target Occupancy Mode |
| Exposure | The number of vacant units without a signed future lease — your near-term leasing risk. | Higher exposure = more urgency in the model's signals = greater downward pricing pressure. | Occupancy, Expected Leases |
| Forecast Window | How many days ahead the model predicts leasing activity (28 or 84 days depending on model type). | Default = 84 days (12 weeks). Aggressive = 28 days (4 weeks). Affects how reactive vs. smooth recommendations are. | Model Type, Expected Leases |
| Expiration Curve | A forecast of when leases are expected to expire, used to spread move-outs evenly across the year. | Drives lease-term pricing differentials. Terms causing expiration spikes in high-risk months price higher. | Lease Terms, Seasonality |
| Price Action | A Daylight-generated recommendation to change the base rent for a bed group. | Created automatically by the model daily. | Recommended Rent, Approval Workflow |
| Amenity Premium | A dollar amount added to a unit's rent based on a specific feature (e.g., top floor, renovated unit). | Set per amenity per property. Summed with base rent and FP premium to determine individual unit price. | Floor Plan Premium, Base Rent |
| Floor Plan (FP) Premium | A dollar adjustment for a specific unit type or floor plan layout within a bed group to different the different unit types. | Used when multiple layouts share the same bed/bath count but have different sq footage | Amenity Premium, Bed Group |
| Comp Set | The group of competitor properties whose rent and leasing data Daylight uses to inform market drivers. | Configured per property. Must include relevant competitors. | Market Drivers, Market Position |
| Days on Market | How long a unit was listed publicly before a lease was signed. | Pulled from ApartmentIQ's public market survey data. Blank if unit was never seen on the public domain. | Lease Trade-Out, Available Units |
| Lease Trade-Out | The rent difference between a new lease and the prior lease on the same unit. | Shown in the Lease Trade-Out Report. Positive = rent growth at turnover. Negative = potential rent contraction | NER, LTO Report |
| Property Class | A classification system (A/B/C) based on amenities, finishes, location, year built, and rent/SF. | Used by ApartmentIQ to categorize properties for comp matching and benchmarking. | Comp Set, Market Position |
| Loss Leader | A unit-level discount designed to make a specific unit more attractive to lease faster — typically a hard-to-lease or long-vacant unit. | Set as a fixed dollar offset in Daylight. Moves with bed group base rent changes. Persists until the unit leases. Does not reapply after re-vacancy. | Unit-Level Override, Staleness Discount |
| Auto-Acceptance | A setting that allows Daylight to automatically approve pricing recommendations within defined guardrail limits without human approval. | Guardrails set per property: daily/weekly max increase and decrease. Recommendations exceeding a guardrail are auto-approved at the guardrail limit and flagged as partially accepted. | Price History, Guardrails |
| Price History Tab | An audit log available on every bed group showing all rate actions taken — by whom, when, and whether Daylight or a human approved. | Dotted line = model recommendation; solid purple line = what was approved. Auto-acceptance events are labeled. Comp set overlay available. | Auto-Acceptance, Rate Action |
| Submitter | A Daylight user role that can request loss leaders and submit rate actions for review — but cannot approve them. | Typically assigned to onsite team like property managers. Approver (RM team) reviews and confirms. | Approver, Role Access |
| Staleness Discount | An automatic rent reduction applied to units that have been vacant longer than a configurable threshold. | Default: triggers at 30 days, applies 1% per 7 days, caps at 10%. Visible as a tag on the unit in the available units view. | Loss Leader, Available Units |
| Market Position % | The percentage relationship between your property's average rent and your comp set's average rent. | Example: 83% market position = you are priced 17% below market average. One of four demand model drivers. Min Price Market Position shows where your lowest-priced unit sits vs. comps' lowest. | Comp Set, Demand Model Drivers |
| Forecasted Trade-Out % | The projected percentage gain in rent if all currently available units leased at today's recommended price vs. what those units were last leased at. | Forward-looking — applies only to available units. Not a blended property-wide figure. | Trade-Out, Recommended Rent, Available Units |
| Data Pull Timestamp | An icon on the Daylight dashboard showing the time and date of the last successful PMS data sync per property. | Daylight pulls data at 3 AM client local time daily. Check this first before filing a data issue support ticket. | PMS Integration, Data Sync |
| Renewal Batch | A group of lease renewals generated for a specific expiration date window. Sent to the PMS after review and approval. | Created in the Renewal Workflow by selecting an expiration date range. Recommended cadence: twice per month for better exposure management. | Renewal Workflow, Expiration Curve |
| Gap to Market Tiers | A renewal offer logic setting that groups residents by their market position (how far their rent is from market) and applies different increase rules to each group. | Most commonly used renewal logic in Daylight. Allows precision: residents well below market get larger increases; residents at or above market get smaller increases or flat offers. | Renewal Settings, Market Position % |
| Forecasted Market Rent | A seasonally adjusted projection of where market rents will be at the time of lease expiration — not just what they are today. | Used as a decision-support column or primary benchmark in renewal settings. Solves the problem of comparing today's low-season rent to a summer expiration. | Renewal Settings, Seasonality |
| Short Term Premium | A per-month dollar or % premium applied to lease terms shorter than the best price term to compensate for higher turn risk. | Amortized across the monthly rent for that term. Configurable in Renewal Settings. Makes short terms cost more per month than the best price term. | NOA Cost Premium, Best Price Term |
| NOA Cost Premium | Non-Occupancy Adjusted cost premium — bakes the estimated cost-to-turn (make-ready + vacancy loss) into the price of shorter renewal terms. | Applied in Renewal Settings. Similar to Short Term Premium but specifically designed to recover turn costs. Terminology varies by client (turn cost, NOA, non-occupancy premium). | Short Term Premium, Lease Term Premiums |
| Best Price Term | The lease term that Daylight selects as the lowest-priced offer for a renewal — used as the base from which all other term premiums are calculated. | Daylight fills expiration slots closest to today first, so the best price term is the one with the most availability in the expiration budget. Can be constrained to a minimum term (e.g., never shorter than 12 months) by un-checking shorter terms in settings. | Renewal Settings, Expiration Curve |
| Lease Break | A resident who moves out more than 60 days before their scheduled lease end date. Treated separately from standard move-outs in renewal performance reporting. | Daylight definition: moved out 60+ days early. In the renewal performance report, lease breaks can be included or excluded to show true renewal conversion rate vs. retention rate. | Renewal Performance Report, Move-Out |
| Renewal Performance Report | An upcoming Daylight report (targeting May 2026) showing historical renewal outcomes — offers sent, converted to renewals, converted to move-outs, and pending — with per-unit detail. | Will include: renewal rent, trade-out, offer terms, concessions, new lease rent at time of offer, and forecasted rent. Filterable by move-out date or expiration date. | Coming Soon, Lease Trade-Out |
| Lease Compliance Report | A report showing approved rent vs. actual leased rent with variance detail. Becomes fully reliable once Daylight is the pricing system of record. | Access via Reporting → Lease Compliance. | Rate Action, Approved Rent |
| Concession Ingestion Logic | How Daylight reads and processes concession data from the PMS and public website sources. Concessions labeled as 'move-in costs' rather than 'rent' are not automatically applied to NER — they require a manual override. | Please see our concessions best practice guide for more information. | NER, Concession, Manual Override |
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