Glossary and Worksheets
Glossary of Housing Terms
Amenities: Features or facilities offered by a property, like swimming pools, fitness centers, or laundry.
Application Fee: A non-refundable fee paid when applying for a rental property to cover the cost of background and credit checks.
Co-signer/Guarantor: A person who agrees to pay your rent if you cannot. Many landlords require international students to have a U.S.-based guarantor.
Deposit: Money paid before moving in that the landlord holds as security. If you don't damage the property, you should get this back when you move out.
Fixed-Term Lease: A rental agreement for a specific time period, usually 6 or 12 months.
Furnished: An apartment that comes with basic furniture like beds, sofas, and tables.
Individual Lease: A lease where each roommate is only responsible for their portion of the rent and their own bedroom (common in student apartments).
Joint and Several Liability: When all roommates on a lease are responsible for the full rent amount, even if one roommate doesn't pay their share.
Landlord: The person or company that owns the property you rent.
Lease: A legal contract between tenant and landlord that specifies the terms of the rental.
Lease Buyout: Paying a fee to end your lease early.
Lease Termination: Ending a lease, either when it naturally expires or breaking it early.
Maintenance Request: A formal request to the landlord or property manager to fix something in your rental.
Month-to-Month Lease: A rental agreement that automatically renews each month until either the tenant or landlord gives notice.
Occupancy Limit: The maximum number of people allowed to live in a rental unit.
Pet Deposit/Fee: Extra money paid if you have a pet. A deposit may be refundable; a fee is not.
Pro-rated Rent: Rent calculated for less than a full month, usually when moving in or out mid-month.
Property Manager: A person who manages the property on behalf of the landlord.
Renters Insurance: Insurance that covers a tenant's personal belongings and liability.
Security Deposit: Money paid before moving in that the landlord holds to cover potential damages. If you maintain the property well, you should receive this back when you move out.
Sublease/Sublet: When you rent your unit to someone else for part of your lease term while remaining responsible for the lease.
Tenant: A person who rents property from a landlord.
Utilities: Services like electricity, water, gas, and internet that you may need to pay for separately from rent.
Wear and Tear: Normal deterioration of a property from ordinary use. Landlords cannot deduct security deposit money for normal wear and tear.
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