Resources for the property management industry. Get the facts today.
Abatement of Rent
if the unit becomes uninhabitable - i.e. from fire or some natural disaster and you can no longer live in the unit - rent is not charged from the date you could no longer live there until the unit is restored to a rentable manner.
Application fee
Any deposit of money, however denominated, including all money intended to be used as a security deposit under a rental agreement, or property, which is paid by a tenant to a landlord, lessor, or agent of a landlord for the purpose of being considered as a tenant for a dwelling unit.
Balcony
An outdoor space that protrudes from a building. Most balconies are private but some are shared between neighbors.
Building Amenities
Extra features and services offered by a building. Amenities could be a gym, concierge services, high speed internet access, a business center, etc.
Breach
to be in violation of the terms of the agreement.
Common areas
these are "shared" areas within the building - things like hallways, driveways, parking facility etc.
Covenants
what you promise to do under the agreement - i.e. "tenant covenants that he shall not permit any unlawful acts on the premises"
Duplex
An apartment with two levels.
EIK
Stands for Eat in Kitchen, a popular apartment feature.
Eviction
Formal removal of a tenant who failed to meet their obligations (rent) - in general this requires formal notice prior to and a correction period for the tenant.
Guarantor (or co-signor)
a guarantor is a person who assumes financial responsibility of a lease for a tenant or tenants who otherwise would not meet the landlord's financial qualifications. For example, someone attending law school that might not have an income would use a guarantor, often a family member, to satisfy the landlord that rent payment will not be a problem. The guarantor is a 'backstop' for the tenants in the event of non-payment. Guarantors generally need to make 80 times the months rent in annual income to qualify.
Half-Bath
A bathroom with no shower or bath.
Loft areas
Apartments with high ceilings will sometimes have a 'loft area' built into them. A loft is a platform constructed over the living space for the purpose of extra storage, a sleeping area, a home office, etc. Generally you can access the area with a staircase or ladder. Loft areas are very useful because they make use of otherwise wasted vertical space.
Managing Agent
a third party-organization that manages most co-op and condominium buildings. Most co-op and condo buildings will hire a managing agent to maintain the building, collect rent or monthly maintenance fees, manage the building staff, etc.
Open Kitchen
a kitchen that that is not separated from the living space of an apartment. Open kitchens are a
Rent
the amount charged by the landlord for the right to occupy the unit, usually stated as a monthly rate.
Security Deposit
a deposit, usually one month's rent, which a rental tenant will give to the landlord at lease signing as security against damage to the apartment during the course of their tenancy. At the end of the lease term, the landlord will take the cost of any damages caused by the tenant out of the security deposit before returning it. Most of the time the deposit will be held in an interest bearing escrow account.
Sublease/Sublet
When a tenant leases the unit to someone else. Not all leases grant this permission to the tenant. In many cases the landlord will require notification prior to your subleasing the unit. This does not relieve you of responsibility for the lease - it simply provides someone else to pay the rent.
Studio
A one or two room apartment with a combined living and sleeping area. The kitchen is either a separate room or set in a wall off the living area. This type of kitchen is usually referred to as a "Pullman" kitchen, after the Pullman railroad cars.
Tenant
Defined by name in the lease - this is the person renting the unit.
Terrace
a roof or part of a roof or a building, used as outdoor space for an apartment. Often confused with a balcony, the terms are used interchangeably.