LEASE INCOME

6 Months Ended

Jun. 30, 2022

Lease Income

LEASE INCOME

10. LEASE INCOME

The Company generally rents its SFRs under lease agreements with a term of one or two years. Future minimum rental revenue under existing leases on our properties at June 30, 2022 in each calendar year through the end of their terms are as follows:

2022	$	871,824
2023		531,550
2024		7,450
Total Future Receipts	$	1,410,824

Property Management Agreements

The Company has entered into property management agreement with the property managers under which the property managers generally oversee and direct the leasing, management and advertising of the properties in our portfolio, including collecting rents and acting as liaison with the tenants. The Company pays its property managers a monthly property management fee for each property unit and a leasing fee. For the three months ended June 30, 2022 and 2021, property management fees incurred by the property managers were $20,990 and $2,740, respectively. For the six months ended June 30, 2022 and 2021, property management fees incurred by the property managers were $32,015 and $2,740, respectively. For the three months ended June 30, 2022 and 2021, leasing fees incurred by the property managers were $87,035 and $14,475, respectively. For the six months ended June 30, 2022 and 2021, leasing fees incurred by the property managers were $112,825 and $14,475, respectively.