Tenement

AAA

DEFINITION of 'Tenement'

A housing structure that has several houses or units put together, often called an apartment. The word "tenement" was used most frequently many years ago to reference housing usually inhabited by lower income families. These buildings are simple rental properties that are more practical for those unable to afford a house or for those who would like to live in an area, such as city centers, where there are no houses to purchase.

INVESTOPEDIA EXPLAINS 'Tenement'

A tenement is any type of property, such as an estate or land, that is owned by one person and leased to another. Although a tenement has many units attached together under one roof, they are divided by walls to give each family or occupant his or her own space and privacy. The rental agreement usually involves a contract that specifies the period the apartment will be leased out to the renter (or tenant) and the cost of renting the property.

Tenements are picking up in popularity as housing costs rise and people move closer into the city center (or downtown) to save money on transportation, mortgage costs, house renovations and taxes.

RELATED TERMS
  1. Mortgage

    A debt instrument, secured by the collateral of specified real ...
  2. NAHB/Wells Fargo Housing Market ...

    An index based on a monthly survey of members belonging to the ...
  3. 100% Mortgage

    A mortgage loan in which the borrower receives a loan amount ...
  4. Planned Urban Development - PUD

    A type of community zoning classification that is planned and ...
  5. Estate

    All of the valuable things an individual owns, such as real estate, ...
  6. House Poor

    A situation that describes a person who spends a large proportion ...
Related Articles
  1. Home & Auto

    Tips For The Prospective Landlord

    Investing in rental property can generate serious income, but there's more to it than collecting rent.
  2. Home & Auto

    To Rent Or Buy? The Financial Issues

    Thinking of buying a home? We look at the initial and ongoing costs, as well as the so-called benefits.
  3. Taxes

    A Tax Primer For Homeowners

    Go beyond interest and find out how mortgage points affect your taxable income.
  4. Home & Auto

    Encumbrances And Nonpossessory Interests In Real Property

    Learn about nonpossessory interests and the various forms of encumbrances.
  5. Home & Auto

    Simple Ways To Invest In Real Estate

    Owning property isn't always easy, but there are plenty of perks. Find out how to buy in.
  6. Taxes

    Avoid Capital Gains Tax On Your Home Sale

    If you have property to sell and want to avoid capital gains tax, a Section 1031 exchange may be the answer.
  7. Credit & Loans

    Will filing bankruptcy stop an eviction?

    Learn about how filing bankruptcy can affect an eviction process, and find out what recourse your landlord has if you file bankruptcy.
  8. Home & Auto

    Can real estate agents help renters find rental property?

    Real estate agents offer renters a true advantage when searching for a new home as well as negotiating power when signing a lease.
  9. Entrepreneurship

    What do real estate investors look for in a property?

    Profit from real estate investments by either flipping homes or becoming a landlord. Learn best practices for a successful real estate investment business.
  10. Home & Auto

    The Income Property: Your Late-In-Life Retirement Plan

    You're nearing retirement age and you don't have the nest egg you need. Here's how an income property can help you make up the shortfall.

You May Also Like

Hot Definitions
  1. Santa Claus Rally

    A surge in the price of stocks that often occurs in the week between Christmas and New Year's Day. There are numerous explanations ...
  2. Commodity

    1. A basic good used in commerce that is interchangeable with other commodities of the same type. Commodities are most often ...
  3. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  4. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  5. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  6. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
Trading Center