Residential real estate can be classified by how it is connected to neighboring residences and land. Different types of housing tenure, such as owned or leased, may be used for the same physical type. For example, connected residences might have a single owner who leases them out or owns each unit separately with an agreement covering the relationship between units and common areas.
Residential real estate can contain a single or multifamily house that is available to live in, or for other non-business use. Depending on how the property connects with neighbouring houses and land, it could be classified as one of several different types. For example, connected homes might belong to an entity that owns them all but leases out their uses,while individual owners may have agreements covering the relationship between units and common areas/concerns.