Renting a Residence Terms

Depreciation

A decrease or loss in value

tenant

A person who pays for the right to live in a residence owned by someone else

Security Deposit

A sum of money usually equal to one month's rent, held by the landlord to cover any damage to the apartment caused by a tenant.

Renter's Insurance: Additional Living Expenses

A type of insurance that will provide temporary housing (generally up to 6 months) for tenants that have an unlivable housing situation. This also will provide food and childcare in some circumstances.

broker's fee

Fee you might have to pay when you sign your lease if you had someone help you find your apartment.

Facility/Amenities Fees

Fees you would potentially pay within the lease term that would cover optional amenities or services (ex. fitness center, laundry, garage parking, etc.)

Renter's Insurance: Personal Property

Insurance that covers tenants' items of value both inside and outside of the property (from damages due to fire/smoke/water; or if they are stolen) up to a certain $ amount specified.

Utilities

Items and services needed to make a house or apartment functional such as hot water, electricity, natural gas, phone service, and cable service.

Moving fee

The fee that factors in hiring professional movers, renting a truck, paying friends to borrow a truck, or however else you choose that gets your personal belongings into the rental.

Renter's Insurance: Liability

Type of insurance that protects tenants who are sued by people who may be injured while inside the rented residence. This would cover medical costs for those injured.

Utility Security Deposit

a refundable deposit of money to a utility company for a year or two that people get back after proving they can pay their bills on time.

furnished apartment

an apartment that includes furniture and amenities; cost will be higher.

rental application

an application you will have to fill out whenever you rent a place to live; purpose is to allow the landlord to verify your income, previous rental experience, credit rating, and so on, assuring you are a good risk

appreciation

an increase in value

cost of living

average cost of basic necessities of life (as food and shelter and clothing)

amenities

convenient features that helps to make life pleasant when looking at renting properties

Application fee

fee that covers the cost of checking your background (credit, criminal record, rental history, etc.), usually refunded if you do not get approved, and typically costs between $30-$60.

landlord

the person who owns the property that you rent

sublet

to have a person other than the original tenant take over the rental unit and payments for the remaining term of the lease

application deposit

Also known as a "holding deposit", it is potentially the money you might have to pay the landlord to take an apartment off the market temporarily

Rental Agreement

An agreement for an unspecified period of time, with rent usually payable on a monthly basis.

unfurnished apartment

An apartment that is rented without furniture

Renter's Insurance: Actual Cash Value

Personal property coverage that factors in depreciation into the amount given for a claim

Renter's Insurance: Replacement Cost Coverage

Personal property coverage that will cost a little bit more per month because brand new items will replace the damaged or stolen property

Tenant's right to privacy

Right of the tenant that the landlord cannot enter the property without giving notice, unless there's an emergency.

Tenant's Right of a Safe Apartment

Right of the tenant that the residence is livable meaning there are adequate locks, no insect problems, working plumbing/appliances, and that problems are fixed by the landlord within a reasonable amount of time.

Tenant's right of no discrimination

Right of the tenant to not be refused to rent a residence based on gender, race, religion, disability, etc.

lease

Written contract specifying the legal responsibilities of both the tenant and landlord. Often will provide terms and conditions of both parties.

eviction

a landlord's legal right to remove someone from a rental unit.

Installation Charge

a nonrefundable, initial, one time fee from utility companies that people have to pay to receive a service.

roommate

a person in which an individual shares a living space with

population growth

increase in the number of people who inhabit a territory or state

Advance Rent

initial fee when you sign a lease that you should expect to pay that is counted toward's the first (and possibly last) month's rent

rental inventory checklist

may be supplied by the property owner, is a detailed list of property items and their condition that needs to be filled out when you move into a property to ensure you are not blamed for previous damages.

off-site storage fee

monthly fee that you would pay if you needed extra storage space if your personal belongings don't fit in your residence.