Your Guide To Apartment Terminology In Greenwood
If you are looking for or have just relocated to your first apartment in Greenwood, you may soon come across a term you haven’t heard before. You can always get in touch with the community’s leasing agents to ask for clarification, but some words are easy to figure out with a brief scan of an apartment glossary.
Have you run into a term you didn’t know? Want to be more in the know while you search for apartments? Review our list of apartment terminology in Greenwood to discover more about apartment life.
Apartment Terminology You Should Know When Looking For Greenwood Communities
Accessible apartment
An apartment that is handicap accessible.
Addendum
An addition to the standard lease agreement, such as a pet policy outlining policies on pets living on property.
Amenity
Additional features in an apartment or in the apartment community, such as in-unit laundry or a community pool and health center.
Applicant
Anyone who applies for an apartment lease.
BR/BA
Bedrooms/Bathrooms. 3BR/2BA specifies three bedrooms and two bathrooms in the unit.
Breed restrictions
Policies about what dog breeds are not permitted to live in an apartment.
Common areas
Communal areas available to all Residents, such as the clubhouse, laundry rooms, walking areas, and community amenities.
Concession
Funds applied to your account due to overpayment or a special discount.
E-payments
Rent payments made online versus in paper form.
Elevator building
An apartment building equipped with elevators for Residents. These are typically at least four floors.
Eviction
The legal procedure of property management ending your lease agreement and forcing you to vacate in response to your violating lease terms or community guidelines.
Fair housing laws
Rules that protect specific classes of people from housing discrimination.
Galley kitchen
A narrow kitchen with cabinets, counters, and appliances on both sides that are commonly found in apartment floor plans.
Garden apartment
Apartment buildings up to three stories that are set amid grassy or tree-lined areas.
Grace period
A short time period after your rent due date during which you can still remit payment without being charged with late fees or other consequences.
Guarantor
A lease co-signer who is held financially liable if you are unable to or do not pay your rent.
Income requirement
An income threshold you must reach to be approved for renting an apartment.
Lease
A rental agreement that details the terms and guidelines of renting an apartment.
Lockout policy
A property's rules for providing access into your unit if you lock yourself out.
Long-term
A lease of no fewer than 12 months.
Luxury apartments
Apartments with appliances, community amenities, and premium finishes that surpass usual offerings.
Maintenance
The team in charge of property maintenance and repairs. You should call them if you have a repair need in your apartment.
Market rate
The current cost of rent, according to what comparable apartments are going for in the surrounding area.
Multi-family
A building with multiple apartment units designed to accommodate numerous households.
Occupancy standards
Guidelines regarding the number of individuals who may live in an apartment.
Online portal
A convenient way for Residents to request a repair, submit a payment, communicate with staff, and more.
Pet policy
A community's rules for which pets are permitted or restricted and the fees owed for housing a pet in your apartment.
Prorate
A per diem calculation of rent if you arrive or depart in the middle of a billing cycle, instead of requiring you to pay the entire month's rent.
Prospect
A potential apartment Resident who is searching for an apartment but hasn't agreed to a lease yet.
Renewal
Extending your lease once the initial term is over.
Renters insurance
An insurance policy that covers specified personal property damage and loss in the event your apartment is impacted by a covered event.
Rent
The amount you pay each month to reside in your apartment.
Screen
Performing a background check and reviewing your history as a tenant during the approval process.
Security deposit
A payment you make before starting your rental term. It is meant to cover unpaid rent or damages at the expiration of your lease. If you depart with no rent due or damage, you receive your deposit back.
Short-term
A lease for fewer than 12 months.
Term
The length of your apartment lease.
Term fee
A fee you pay for terminating your lease early.
Utilities
Electricity, garbage removal, water, and gas. These may or may not be covered in your rent.
Walk-up apartment
An apartment you get to via stairs as opposed to an elevator.
Verge Luxury Flats Is Ready To Answer Questions About Apartment Terminology In Greenwood
Bring your questions about apartment vocabulary to the staff at Verge ! We’ll walk you through the leasing process and introduce you to our stunning apartments and community. Give us a call at 317-751-1744 or arrange a tour to learn more about the amazing apartment living experience we provide.