Understanding Apartment Terminology In Carmel
If you are looking for or have recently moved into your first apartment in Carmel, you may soon come across a word or phrase you aren’t familiar with. You can always contact the community’s office staff to get clarification, but most words are easily understandable with a quick glance at an apartment glossary.
Have you come across a word you didn’t know? Wish to be more in the know while you hunt for apartments? Review our list of apartment terminology in Carmel to learn more about apartment living.
Apartment Terminology You Should Know When Checking Out Carmel Communities
Accessible apartment
An apartment unit that is ADA compliant.
Addendum
An addition to the primary lease contract, such as a pet agreement detailing guidelines for pets living in the apartment.
Amenity
Extra features in an apartment or within the apartment community, such as in-unit laundry or a community gym or pool.
Applicant
Anyone who submits an application for an apartment lease.
BR/BA
Bedrooms/Bathrooms. 2BR/1BA indicates two bedrooms and one bathroom within the apartment.
Breed restrictions
Guidelines on what dog breeds are not authorized to live in an apartment.
Common areas
Communal spaces accessible by all Residents, such as the clubhouse, community amenities, laundry facilities, and property grounds.
Concession
A credit applied to your account because of overpayment or a special discount.
E-payments
Rent payments submitted digitally as opposed to by check.
Elevator building
An apartment building with elevators for Residents. These are typically four or more stories.
Eviction
The legal process of property owners terminating your lease and requiring you to vacate due to you failing to comply with lease terms or community policies.
Fair housing laws
Legal guidelines that protect specified groups of people from housing discrimination.
Galley kitchen
A narrow kitchen with counters, cabinets, and appliances on both sides that are frequently found in apartment floor plans.
Garden apartment
Apartment buildings up to three stories that are surrounded by grassy or tree-lined areas.
Grace period
A short time period after your rent is due during which you can still make your payment without facing late fees or other consequences.
Guarantor
A co-signer who assumes financial responsibility for your lease if you are unable to or do not pay your rent.
Income requirement
An income threshold you must satisfy to qualify for renting an apartment.
Lease
A tenancy agreement that details the guidelines and terms of renting an apartment.
Lockout policy
A property's rules for supplying access into your unit if you lock yourself out.
Long-term
A lease contract of no fewer than 12 months.
Luxury apartments
Apartments with appliances, community amenities, and premium finishes that go beyond usual offerings.
Maintenance
The staff responsible for repairs and maintenance of apartments. You should contact them if you need something fixed in your apartment.
Market rate
The current going rate for rent, determined by what similar apartments are leasing for in the surrounding area.
Multi-family
A building with multiple apartments built to serve numerous households.
Occupancy standards
Restrictions on the number of people who may inhabit an apartment.
Online portal
A convenient internet platform for apartment Residents to make online payments, request maintenance, post a message, and more.
Pet policy
A community's guidelines for what pets are allowed or prohibited and the costs associated with housing a pet in your unit.
Prorate
A day-by-day calculation of rent if you begin or end your tenancy partway through a month, instead of billing you the entire month's rent.
Prospect
A possible future Resident who is trying to find an apartment but has not agreed to a lease yet.
Renewal
The extension of your lease once the initial term is over.
Renters insurance
An insurance policy that protects against personal property damage and loss in the event your apartment suffers a catastrophe.
Rent
The monthly payment you make to live in your apartment.
Screen
Running a background check and assessing your rental history during the application period.
Security deposit
A payment you make before taking occupancy of your apartment. It is intended to cover unpaid rent or damages upon moving out. If you depart with no rent due 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 penalty you pay for terminating 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 you get to via stairs as opposed to an elevator.
Midtown Flats Is Happy To Answer Questions About Apartment Terminology In Carmel
Bring all your questions about apartment terminology to the staff at Midtown Flats! We’ll take you through the leasing process and show you around our stunning apartments and community. Give us a call at 317-597-4596 or book a tour to discover the incredible apartment living experience we have waiting for you.