8 Rental Terms You Need to Know

It is hard enough to navigate the terminology in rental property descriptions – walk-ups and duplexes, half-baths and kitchenettes, shotguns and soft lofts – however, as you sign the lease and talk about the legalities of getting into an apartment agreement, the intimidating phrases and words being hurled at you may make your head spin.

Don’t panic. Here’s a list of 8 of the most common lease and rental terms.

  1. abatement

This is a lease clause that states that if the apartment is damaged, the landlord will permit you to suspend the lease and not charge rent as the apartment is uninhabitable and you are living somewhere else.

  1. accessible

An apartment which has the ability to be occupied and reached by someone who has a physical disability. For someone who has mobility difficulty or a wheelchair user, this oftentimes involves government- or lease-specified items such as ramps and no steps, adapted bathrooms, larger doors, wide hallways, and lowered light switches.

For those who have hearing impairments, that may involve smoke alarm and doorbell bed shakers or lamp signalers. For those who have visual impairments, special lighting and handrails may be included.

As a tenant, the lease might state that you are accountable for keeping spaces in which wheelchairs might go free of items which may block the doorway or path, like trash cans and bicycles.

  1. application

A piece of paper that a possible tenant fills out in order for a landlord to determine if they are eligible to rent that apartment. Besides basic details like your previous addresses, social security number, and workplace, you might need to offer items like bank statements, pay stubs, recommendations, and references.

  1. arrears

As you are behind in your payments – whether that be a past-due energy bill or late with rent– you are in arrears.

  1. boarder

A resident within your apartment that isn’t on the lease and isn’t subletting yet is paying a stipend to stay there. Usually, a boarder isn’t responsible for utilities and oftentimes has meals given to them by the tenant. Also, they do not need to go through a formal process of eviction if you want to remove them, as they have restricted legal occupancy rights.

  1. broker

Realtors who work off commission and help negotiate lease contracts between the renter and the landlord. The majority of states will require a license to do it.

  1. co-signer

Secondary signers of a lease who will not be living inside the apartment. Co-signers usually are used as tenants have a poor or short credit or rental history and need somebody to vouch for them. The secondary individual is equally responsible for upholding the lease’s terms as backup if you can.’t

  1. cotenant

Two folks who sign a lease with the intent that all or both will occupy the apartment, as well as be equally responsible for rent and additional lease provisions. Cotenants have both shared and equal legal rights and accountability under the contract.

If you’re looking for new apartments contact Your Next Place today!