Beginner Terms
The owner of the property, or an agent of the owner, who leases out the apartment.
What is the landlord?
The option the tenant has to continue living in the apartment after the initial term of the lease is over.
What is renewal?
The other expenses in your apartment for which you are responsible that are billed on a consistent and recurring basis, sometimes depending on usage. Examples include cable, heat, water, electricity, and storage.
What are utilities?
The date the lease officially starts and the renter has access to move into the facility.
What is lease start/move-in date?
What is an application?
A contract between you and the landlord/owner that includes the cost of rent, terms, rules, regulations, and you and your landlords responsibilities for the apartment.
What is a lease or tenancy agreement?
The extra sum of money you provide to your landlord upon signing the lease or moving in that covers any damge you might do to your apartment or the rent you dont pay during your lease.
What is a security deposit?
Areas of the apartment complex such as the gym, laundry rooms, clubhouse, and outdoor spaces.
What is common area/amenities?
The amount of time specified on your lease during which you will occupy the apartment and pay rent.
What is a term?
When a potential landlord runs a background check on your criminal, credit, or rental history in order to discern if you have the right financial and legal background to pass as a qualified tenant.
What is screening?
An amount of money you and your landlord have agreed on in your lease for you to pay on a regular and constant recurring basis in exchange for living in the apartment.
What is rent?
A secondary signer of your lease who wont be residing in the apartment.
What is a co-signer?
What is an empty apartment called
vacant?
What is a fixed-term lease?
A formal notice given to the landlord by a tenant stating they intend to end occupancy of the premises and not renew the lease.
Notice to vacate or end tenancy?
The person who enters into a lease and pays rent to occupy a space in an apartment or rental unit owned by another person.
What is the tenant?
A professional agent who works on commission and helps negotiate lease agreements between the landlord and the renter.
What is the Real-Estate Agent?
When a tenant has a fixed term for their tenancy and decides to move out early.
What is breaking a lease?
A rental agreement that is automatically renewed at the end of each month until ended by either party under the terms of the lease.
What is month-to-month?
A public record of how you have managed your credit and debt in your past, including credit cards, loans, and other leases.
What is credit history?
The formal process where your landlord terminates your lease and asks you to leave your apartment in a period of time decide by local laws and statues.
What is eviction?
Two or more people who sign the lease with the intent that both will occupy the apartment and be equally responsible for rent.
What are Roomates or tenants?
The number of parking spaces available per unit or per tenant.
What is parking ratio?
A term found in most leases that describes the acceptable amount of damage that does not trigger a monetary penalty deducted from your security deposit upon vacating the apartment.
What is wear and tear?
Covers personal belongings damaged from a covered peril plus additional living expenses, like groceries and lodging, if you're unable to live at your residence while it's being repaired because of a covered loss.
What is Renters/tenant/content insurance?