Need to Know Leasing Terms Pt. 2

by Hometeam Properties on April 10, 2018

Need-to-know-leasing-terms-gifWhether you’re looking for apartments to rent, or getting ready to sign your lease, it’s so important to make an informed decision. Knowing the common words that have to deal with apartments and renting will make the process much easier for you.

Complex

An apartment complex is a building that contains apartments. A complex can also be a collection of apartment buildings. No matter how many buildings there are, the complex operates under one management company, and has one set of rules.

Community

An apartment community consists of the tenants living the complex. The community has a set of interests in common. For example, everyone in the apartment community lives in the same complex.



Eviction

An eviction is when the landlord forces the tenant to move out before the lease is over. This happens when tenants do not follow the rules of the lease. An eviction involves going to court and hurts your credit score. Having an eviction to your name also makes it harder to rent another apartment. Many landlords do not want to rent to people who have been evicted.

Pet deposit

A pet deposit is an additional security deposit required of pet owners. A pet deposit is used at move-out to cover any damage done to the apartment by the pet. If a pet doesn’t do any damage to the apartment which requires repairs, the renter gets the pet deposit back after the inspection.

Sublet

A sublet is a situation in which the tenant moves out, and a different person moves in to the apartment, before the lease is over. If the apartment allows sublets, then the sublet tenant must meet the same credit and income qualifications as the tenant, and must abide by all the lease rules. The original tenant is typically still responsible for the apartment, in the eyes of the landlord or management. Not all apartments allow sublets.

 

Knowing what a few common leasing terms mean can be helpful when looking for your next apartment or signing a lease. Understanding the need to know leasing terms is the first step to developing a great landlord-tenant relationship.