Friday, October 7, 2016

Apartment Lingo: Terms Every First-Time Renter Should Know

Just when you thought vocabulary terms were something you would only see in a classroom, it turns out there are many apartment vocabulary terms you need to know before you sign your first lease agreement. Learning these 5 essential terms will help any first-timer come across as a knowledgeable renter.  

Renter’s Insurance: It is usually not required by your landlord, but it is highly recommended. Renter’s insurance is one of the most affordable types of insurances and it can help protect your personal belongings.

Lease/Rental Agreement: One of the most important things you will do during the apartment search is sign the lease agreement. A lease agreement is a legally binding contract between you and your landlord, and not just a piece of paper with your signature on it. It sets out the rules in which you and your landlord will follow. It also should include, but is not limited to, your rent payment, deposit information, late fees, and length of agreement. Read it carefully and ask questions prior to signing on the dotted line.

Security Deposit: A fee you will pay to your landlord prior to moving into your new apartment. The security deposit covers the cost of damage to your apartment at move out, such as a stained carpet or holes in the wall. If there is no damage to the apartment when you move out and you follow the proper move-out procedures, this deposit should be refundable.

Application Fee: This fee covers the cost of your landlord to obtain a background check and it is paid at the time that you submit your rental application. If you are applying at several apartment communities these fees can add up. Work with a licensed apartment locator to help narrow down your search and save you money in wasted application fees.

Rent: It is usually paid on a month-to-month basis and it is paid directly to your landlord for the use of the apartment. Your rent payment is not your only monthly expense when you rent an apartment.

Our licensed apartment locators can help clear up any confusion with rental jargon as well as help guide you through the entire apartment search process. Give Apartments Now a call and let our apartment finders help you find the best place to call home in your budget!