A New Residents Guide To Apartment Terminology In Greenwood
If you are looking for or have just settled into your first apartment in Greenwood, you could run into a word or phrase you don’t recognize. You can always reach out to the community’s office staff to clear things up, but most words are easily understandable with a quick glance at an apartment glossary.
Have you come across a phrase you were unfamiliar with? Would you like to be more up to speed while you hunt for apartments? Review our list of apartment terminology in Greenwood to get more familiar with apartment living.
Apartment Terminology You Need To Know When Checking Out Greenwood Communities
Accessible apartment
An apartment unit that is handicap accessible.
Addendum
An addition made to the standard lease document, such as a pet agreement outlining rules around pets living on property.
Amenity
Bonus features in an apartment or in the apartment community, such as in-unit laundry or a community health center or pool.
Applicant
Any individual who applies for an apartment lease.
BR/BA
Bedrooms/Bathrooms. 2BR/1BA means two bedrooms and one bathroom in the unit.
Breed restrictions
Policies about what dog and animal breeds are restricted 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
A credit applied to your account as a result of overpayment or a special offer.
E-payments
Rent payments submitted digitally instead of by check.
Elevator building
A multi-level apartment featuring elevators for Residents. These are generally four stories or taller.
Eviction
The legal process of property owners terminating your lease agreement and forcing you to vacate as a result of you violating lease terms or community rules.
Fair housing laws
Laws that shield specific classes of people from unfair treatment in housing.
Galley kitchen
A narrow kitchen with counters, cabinets, and appliances on each side that are frequently found in apartment floor plans.
Garden apartment
Apartment buildings of no more than three stories that are set amid wooded or grassy areas.
Grace period
A short period of time following your rent due date during which you can still make your payment without facing late fees or other consequences.
Guarantor
A lease co-signer who is held financially responsible if you cannot or do not pay your rent.
Income requirement
A minimum income level you must satisfy to be approved for renting an apartment.
Lease
A rental agreement that details the guidelines and terms of renting an apartment.
Lockout policy
A property's process for providing access into your unit if you get locked out.
Long-term
A lease contract of no less than 12 months.
Luxury apartments
Apartments with premium finishes, appliances, and community amenities that surpass builder-grade offerings.
Maintenance
The team tasked with property repairs and maintenance. You should call them if you need something fixed in your apartment.
Market rate
The current going rate for rent, based on what comparable apartments are going for in the surrounding area.
Multi-family
A building with multiple apartment units meant to house many households.
Occupancy standards
Limits on the number of people who may inhabit an apartment.
Online portal
A convenient digital platform for apartment Residents to make a payment, request maintenance service, send property management messages, and more.
Pet policy
A community's rules for what pets are allowed or prohibited and the fees associated with keeping a pet in your unit.
Prorate
A day-by-day calculation of rent if you begin or end your tenancy partway through a month, rather than charging you the entire month's rent.
Prospect
A possible future Resident who is searching for an apartment but has not signed a lease yet.
Renewal
Extending your lease after its initial term ends.
Renters insurance
An insurance policy that provides coverage for personal property damage and loss in case your apartment is impacted by a covered event.
Rent
The money you pay each month to occupy your apartment.
Screen
Performing a background check and reviewing your rental history during the approval process.
Security deposit
A payment you make before taking occupancy of your apartment. It is meant to cover outstanding rent or damages at the expiration of your lease. If you depart with no damage or rent owed, you are refunded your deposit.
Short-term
A lease for less than 12 months.
Term
The length of time of your apartment lease.
Term fee
A penalty you pay for terminating your lease early.
Utilities
Electricity, garbage removal, water, and gas. These may or may not be covered in your rent.
Walk-up apartment
An apartment you access by flights of stairs instead of an elevator.
Bayshore Apartments Is Pleased To Answer Questions About Apartment Terminology In Greenwood
Bring your questions about apartment vocabulary to the team at Bayshore! We’ll explain how leasing works and introduce you to our beautiful apartments and community. Contact us at 317-886-1849 or book a tour to discover the amazing apartment living experience we offer.