Renting for the first time can feel like learning a new language. Here are a few terms that you will see when searching for an apartment, applying, and signing a lease.
The Basics
✩ Rent - The regular payment you make to live in the property
✩ Landlord / Property Manager - The person or company that owns or manages the rental
✩ Tenant - The person renting the property (You!)
✩ Lease - The legal agreement that outlines the terms and conditions of your rental
✩ Lease Term - How long the lease lasts, such as 12 months
✩ Landlord / Property Manager - The person or company that owns or manages the rental
✩ Tenant - The person renting the property (You!)
✩ Lease - The legal agreement that outlines the terms and conditions of your rental
✩ Lease Term - How long the lease lasts, such as 12 months
Money
✩ Security Deposit - Money held by the landlord as protection against certain unpaid amounts or potential property damage. Rules vary by location and landlord.
✩ Application Fee - A fee that may be charged when you apply for a rental
✩ Prorated Rent - A partial payment when you rent for only part of the month
✩ Utilities - Services such as electricity, water, gas, trash, and sometimes internet
✩ Late Fee - A charge that may apply when rent is paid late
✩ Application Fee - A fee that may be charged when you apply for a rental
✩ Prorated Rent - A partial payment when you rent for only part of the month
✩ Utilities - Services such as electricity, water, gas, trash, and sometimes internet
✩ Late Fee - A charge that may apply when rent is paid late
People
✩ Guarantor - Someone who agrees to take financial responsibility if certain obligations aren't met. Students may need one if they don't have enough income or rental history
✩ Co-signer - Someone who signs the rental agreement with you and may share financial or legal responsibility
✩ Occupant - Someone who lives in the property, but may not be a person financially responsible under the lease
✩ Co-signer - Someone who signs the rental agreement with you and may share financial or legal responsibility
✩ Occupant - Someone who lives in the property, but may not be a person financially responsible under the lease
Renting & Moving
✩ Renewal - Continuing your lease after its original end date
✩ Sublet - Renting your apartment or part of it to someone else. Your lease may restrict this
✩ Normal Wear and Tear - Ordinary deterioration from everyday use
✩ Move-in Inspection - A record of the property's condition when you move in
✩ Notice - A formal communication required for things such as ending or changing a tenancy
✩ Sublet - Renting your apartment or part of it to someone else. Your lease may restrict this
✩ Normal Wear and Tear - Ordinary deterioration from everyday use
✩ Move-in Inspection - A record of the property's condition when you move in
✩ Notice - A formal communication required for things such as ending or changing a tenancy
Application Terms
✩ Rental History - Your record of previous rentals. First-time renters may not have any
✩ Proof of Income - Documents showing that you have the financial resources to pay rent
✩ Credit Check - A review of your credit history that may be a part of the application process
✩ Background Check - A screening that a landlord may conduct when evaluating an applicant
✩ Proof of Income - Documents showing that you have the financial resources to pay rent
✩ Credit Check - A review of your credit history that may be a part of the application process
✩ Background Check - A screening that a landlord may conduct when evaluating an applicant
One Last Tip
Don't let unfamiliar words rush you into signing a lease. If you don't understand a term, ask what it means before agreeing to anything. Becoming familiar with the renting language is one of the easiest ways to gain confidence and ensure a smooth renting experience.