LEASE INCOME

6 Months Ended

Jun. 30, 2023

Lease Income

LEASE INCOME

11. 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, 2023 in each calendar year through the end of their terms are as follows:

2023	$	1,082,873
2024		623,105
Total Future Receipts	$	1,705,978

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, 2023 and 2022, property management fees incurred by the property managers were $34,650 and $20,990, respectively. For the six months ended June 30, 2023 and 2022, property management fees incurred by the property managers were $66,600 and $32,015, respectively. For the three months ended June 30, 2023 and 2022, leasing fees incurred by the property managers were $41,745 and $87,035, respectively. For the six months ended June 30, 2023 and 2022, leasing fees incurred by the property managers were $66,755 and $112,825, respectively.