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Maria Tran, a financial model analyst, discusses lost lease, defined as the difference between a property's contractual lease rates and actual market rates. Essentially, lost lease measures the gap between what renters pay for a unit and the surrounding market rates. Maria demonstrates how to model lost lease using the multi-family acquisition model available on the Top Shelf Models website. In the assumptions tab, there is a yearly revenue assumptions box, which includes a column for lost lease. At Top Shelf Models, lost lease is represented as a small percentage of total positive revenues, with an example of 2% utilized in the model.