Any building or unit zoned and intended for use as dwelling space is a residential property. It's one of two real estate types; the other is commercial real estate. The owner occupies the majority of residential property, but this is not always the case. According to real estate industry standards, residential properties are defined as those with fewer than five units and none of which are used for commercial purposes. Commercial properties are more significant or have a mix of residential and commercial uses. The single-family home is a classic example. Although definitions vary, it is commonly defined as a construction holding one living unit that is separate from all other structures and has open space on all sides.