A New Residents Guide To Apartment Terminology In Carmel
If you are hunting for or have recently relocated to your first apartment in Carmel, you might encounter a word or phrase you don’t know. You can always contact the community’s office staff to get clarification, but some words are easily decipherable with a quick look at an apartment glossary.
Have you heard a term you didn’t recognize? Want to be more up to speed while you apartment hunt? Use this list of apartment terminology in Carmel to get more familiar with apartment life.
Apartment Terminology You Need To Know When Looking For Carmel Communities
Accessible apartment
An apartment that is ADA compliant.
Addendum
An addition to the primary lease document, such as a Pet Addendum detailing guidelines for pets living on property.
Amenity
Extra features in a unit or within the apartment community, such as in-unit laundry or a community swimming pool and health center.
Applicant
Anyone who requests an apartment lease.
BR/BA
Bedrooms/Bathrooms. 2BR/1BA refers to two bedrooms and one bathroom in the apartment.
Breed restrictions
Guidelines on what dog breeds are not authorized to live in an apartment.
Common areas
Communal spaces open to all apartment Residents, such as the clubhouse, community amenities, laundry facilities, and property grounds.
Concession
Money credited to your account as a result of overpayment or special discounts.
E-payments
Rent payments made online versus by paper.
Elevator building
A multi-story apartment equipped with elevators for Residents. These are typically at least four floors.
Eviction
The legal act of property management terminating your lease agreement and requiring you to vacate due to you breaching lease terms or community guidelines.
Fair housing laws
Rules that protect specified groups of people from housing discrimination.
Galley kitchen
A narrow kitchen with counters, cabinets, and appliances on either side that are common in apartment floor plans.
Garden apartment
Apartment buildings up to three stories that are set amid grassy or wooded areas.
Grace period
A short time period after your rent is due during which you can still pay without being charged with late fees or other consequences.
Guarantor
A co-signer who agrees to take financial responsibility for your lease if you are unable to or do not pay your rent.
Income requirement
A minimum income level you must meet to be eligible to rent an apartment.
Lease
A rental contract that outlines the terms and conditions of renting an apartment.
Lockout policy
A property's process for letting you into your apartment if you get locked out.
Long-term
A lease of no fewer than 12 months.
Luxury apartments
Apartments with community amenities, appliances, and high-end finishes that surpass typical offerings.
Maintenance
The crew in charge of property maintenance and repairs. You should contact them if you need something fixed in your apartment.
Market rate
The current rent cost, determined by what comparable apartments are going for in the surrounding area.
Multi-family
An apartment building with multiple units meant to house many households.
Occupancy standards
Restrictions on the number of people who may reside in an apartment.
Online portal
A convenient internet platform for Residents to make online payments, communicate with staff, request a repair, and more.
Pet policy
A community's rules for what pets are allowed or prohibited and the fees owed for keeping a pet in your unit.
Prorate
A day-by-day calculation of rent if you arrive or depart partway through a month, instead of requiring you to pay a whole month's rent.
Prospect
A possible future Resident who is searching for an apartment but hasn't committed to a lease yet.
Renewal
The continuation of your lease once the original agreement is up.
Renters insurance
An insurance plan that covers specified personal property damage and loss in the event your apartment is impacted by a covered event.
Rent
The money you pay each month to reside in your apartment.
Screen
Conducting a background check and reviewing your rental history during the application period.
Security deposit
Money you pay before taking occupancy of your apartment. It is intended to cover outstanding rent or damages at the expiration of your lease. If you leave with no outstanding rent or damage, you receive your deposit back.
Short-term
A lease for less than 12 months.
Term
The duration of your apartment lease.
Term fee
A fee you pay for ending your lease early.
Utilities
Electricity, gas, water, and garbage removal. These may or may not be included in your rent.
Walk-up apartment
An apartment accessed by stairs as opposed to an elevator.
Lakeside Apartments Is Ready To Answer Questions About Apartment Terminology In Carmel
Bring all your questions about apartment vocabulary to the pros at Lakeside! We’ll explain how leasing works and show you our lovely apartments and community. Call us at 317-344-8491 or book a tour to learn more about the outstanding apartment lifestyle we provide.