Housing Terms

Here are some vocabulary words that you will likely hear in your housing search:

Landlord

The owner or manager of property such as a house or apartment that is being leased to another person, the tenant.

Lease

A legal contract that explains the terms for renting the housing.

Lease Agreement

A signed lease between the landlord and tenant that outlines the terms for renting the housing.

Non-refundable Deposit

A non-refundable deposit means the security deposit money will not be returned to you.

Prorated Rent

The amount of rent money a landlord charges a tenant when he/she is only occupying a unit for a partial term (not a full month or week).

Refundable Deposit

A refundable deposit means the money will be returned to you when you eventually move out, as long as you leave the apartment in good condition and per the terms agreed to in the lease agreement.

Re-rent Fee

A “re-rent” fee is a fee that the landlord charges for finding another person to rent the property if the lease is broken or ended early.

Security Deposit

Money that is requested by a landlord to secure a tenant’s place in the housing and to cover any potential damages caused by the tenant or failure to pay rent. Security Deposits can be refundable or nonrefundable and sometimes may cover other expenses incurred by the landlord.

Tenant

Person living in housing owned or managed by the landlord.

Term of Length of Tenancy

How long a tenant is agreeing to stay in the housing.