In one sentence
The total rent a property would collect at full occupancy and market rents, before vacancy and loss adjustments.
The longer version
Gross potential rent (GPR) is the theoretical ceiling: every unit leased at market rent with no vacancy or concessions. Actual income is GPR minus vacancy, loss to lease, and concessions.
GPR is the starting line of the income underwriting, and the deductions from it, vacancy, loss to lease, are where optimism or realism shows.
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