When renting or leasing a residential property, knowing the definitions of specific terms makes things easier to understand.
Optimus Properties LLC will always strive to make sure things are clear. And if there is ever anything you do not understand, do not hesitate to ask.
The following glossary is provided only as a guide, and is not to be used or construed as legal advice or terminology.
Amenities – Facilities provided by an apartment or residential development. These may include a swimming pool, spa or hot tub, gym, landscaped gardens, club house, play area, etc.
Bungalow – A single story apartment floor plan or building. Often an early 20th century style that has an open or enclosed porch area.
Common Areas – The “shared” area within the apartment building – spaces such as hallways, driveways, parking, garage, etc. may be considered common areas.
Corporate Housing – An apartment offered by a company for employees or clients who may be spending a longer period of time in a market or area.
Credit Report – An evaluation of a person’s credit, financial, and debt repayment history.
Deposit – Also known as a Security Deposit, is a set amount paid to a landlord at the start of a tenancy to cover specified expenses and/or future damages/losses.
Due Date – The specific day that rent is due each month.
Furnished Apartment – This may cover the basics, such as: sofa, kitchen table and chairs, bed, a dresser… and possibly include basic household items.
Furnishings – Furniture or decorative accessories that may also include carpets and curtains.
Half-Bath – A bathroom that contains a toilet and sink, but no bathtub or shower.
High-Rise Apartment (Condo) – Multi-level residential building that is usually 5 or more floors.
Landlord/Owner – Any person or business entity that has a valid and legal right, title and interest in the property.
Lease / Lease Agreement – A written agreement between the property owner and a tenant that describes the payment and conditions under which the tenant may use the apartment, including the specified period of time.
Lease Term – The length of time that a lease will be in effect.
Leasing Agent – Leasing professional who assists prospects in renting their new apartment home.
Lease Option / Lease To Own – An alternative financing option that allows renters to lease a home with an option to buy. Each month’s rent payment may consist of rent, and an additional amount that can be applied toward the down payment on an already-specified sale price.
Loft Apartments – Large open space, typically found in a converted industrial-style building.
Manager / Building Manager – The person or people who are responsible for handling and overseeing the day-to-day operations of a building.
Mixed Use – Buildings that provide more than one use or purpose and may include a combination of housing, office, retail, medical, recreational, commercial or industrial spaces.
Part or Partially Furnished – A property that may have some furniture or furnishings.
Property – Everything that can be lawfully owned or rented. There is personal property and real property.
Property Management Company – A company that is responsible for handling and overseeing the day-to-day operations of a building.
Pullman Kitchen – Typically, this is a kitchen that is set in a wall of a living area.
Rent – The price one party pays for the use of land or real property to its owner.
Rent Schedule – A plan to establish the rental amounts to be paid and also the records of the rents actually paid during a specific period.
Rental Agreement – A written agreement between the landlord or Property Management company and a tenant that describes the payment and conditions under which the tenant may use the real estate, including the specified period of time.
Security Building / Secured Building – A building with controlled points of public access and entry. This may could include security staff, security system, cameras, phone system, or code box required for entry, etc.
Security Deposit – Also known as a Deposit, it is a set amount paid to a landlord at the start of a tenancy to cover specified expenses and/or future damages/losses.
Studio Apartment (Efficiency Apartment) – Typically understood to mean a one or two-room apartment consisting of a kitchen (one room) and the rest of the unit (second room), which serves as a combination living room and bedroom.
Tenant – The person or party who has legal temporary use of real property that belongs to someone else.
Townhome – A multi-story house in a development that is attached to one or more similar houses by shared walls.
Turn Key / Turn-Key – A property that is ready to move into as-is, typically with very little additional work.
Walk-up Apartment – 4 to 5 story apartment building with no elevator and usually no doorman.
This glossary is provided only as a guide, and is not to be used or construed as legal advice or terminology.