Understanding Apartment Terminology In Carmel
If you are hunting for or have just settled into your first apartment in Carmel, you could come across a word or expression you don’t recognize. You can always contact the community’s leasing agents to clear things up, but many words are easy to decipher with a brief scan of an apartment glossary.
Have you run into a phrase you didn’t know? Would you like to be more up to speed while you hunt for apartments? Review our list of apartment terminology in Carmel to discover more about apartment living.
Apartment Terminology You Should Know When Looking For Carmel Communities
Accessible apartment
An apartment that is ADA compliant.
Addendum
An amendment to the basic lease document, such as a Pet Addendum outlining rules around pets living on site.
Amenity
Bonus features in an apartment or in the apartment community, such as in-unit laundry or a community pool and fitness center.
Applicant
Any individual who requests an apartment lease.
BR/BA
Bedrooms/Bathrooms. 2BR/1BA refers to two bedrooms and one bathroom in the unit.
Breed restrictions
Guidelines on what animal breeds are prohibited from living in an apartment.
Common areas
Communal spaces open to all Residents, such as the clubhouse, community amenities, laundry facilities, and green spaces.
Concession
Funds applied to your account because of overpayment or a special offer.
E-payments
Rent payments made digitally as opposed to in paper form.
Elevator building
A multi-level apartment with elevators for Residents. These are generally four stories or taller.
Eviction
The legal act of property owners terminating your lease and removing you from your apartment due to you failing to comply with lease terms or community policies.
Fair housing laws
Legal guidelines that shield certain groups of people from unfair treatment in housing.
Galley kitchen
A narrow kitchen with counters, cabinets, and appliances on both sides that are commonly found in apartment floor plans.
Garden apartment
Apartment buildings of no more than 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 pay without being charged with late fees or other charges.
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 satisfy to be approved for renting an apartment.
Lease
A tenancy agreement that states the terms and guidelines of renting an apartment.
Lockout policy
A property's procedure for supplying access into your unit if you get locked out.
Long-term
A rental agreement of no less than 12 months.
Luxury apartments
Apartments with premium finishes, appliances, and community amenities that go beyond builder-grade offerings.
Maintenance
The crew tasked with apartment maintenance and repairs. You should call them if you have a repair need in your apartment.
Market rate
The current rent cost, according to prices of comparable apartments in the local area.
Multi-family
A building with multiple apartments meant to house many households.
Occupancy standards
Guidelines regarding the number of people who may inhabit an apartment.
Online portal
A convenient way for Residents to make online payments, submit maintenance requests, send property management messages, and more.
Pet policy
A community's guidelines for which animals are allowed or restricted and the fees owed for keeping a pet in your unit.
Prorate
A per diem calculation of rent if you arrive or depart partway through a month, rather than charging you 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
The extension of your lease after its initial term ends.
Renters insurance
An insurance plan that protects against personal property damage and loss in the event your apartment is impacted by a covered event.
Rent
The monthly payment you make to occupy your apartment.
Screen
Conducting a background check and assessing your past rental record during the application period.
Security deposit
A payment you make before starting your rental term. It is designed to cover unpaid rent or damages once your lease is up. If you depart with no outstanding rent or damage, you are refunded your deposit.
Short-term
A lease for less than 12 months.
Term
The length of your apartment lease.
Term fee
A fee you pay for ending your lease early.
Utilities
Gas, water, electricity, and garbage removal. These may or may not be covered in your rent.
Walk-up apartment
An apartment you access by flights of stairs rather than an elevator.
The Legacy Towns and Flats Is Ready To Answer Questions About Apartment Terminology In Carmel
Bring your questions about apartment terminology to the staff at The Legacy! We’ll help you understand the leasing process and show you around our stunning apartments and community. Call us at 317-674-1318 or arrange a tour to discover the incredible apartment lifestyle we offer.