Common Rental Terms

Before you start the search for your new home, it is important to familiarize yourself with some of the common terminology you may hear or see throughout the rental process.

Be sure to read your lease before signing! Check out the video and definitions below to learn about terms you you might come across as your review your lease paperwork.

Common Terms:

• Broker’s Fee

  If you use a realtor or broker to assist you in finding a rental property they may charge you a “broker’s fee” for their services. There is no set amount this fee may be, typically you find it is the price of one months rent.

• Lease

  A lease is the formal signed agreement between the tenant and the landlord that allows for the tenant to live at a rental property for a set price, for a certain amount of time, and with certain restrictions. A lease is a legally binding contract that is recognized by both the city and state and may be used in a court of law.

• Deposit

  Almost all rental properties will require you place a pre-payment or a deposit before you move into a property. Your deposit is a set amount of money that is paid to your property in case of increase property tax, damages, or unpaid rent. In a way it is insurance for the landlords. Your deposit may only be used for three major things listed above. Deposits can be no more than 1.5 times the monthly rent cost.

• Sublet (Sublease)

  If you cannot carry out the terms of your lease through the end of your leasing term for any reasons you may consider subletting your property. This means you will lease to another individual who will carry out the terms of your lease. Be careful though, not all properties will allow you to do, be sure you check the lease agreements to see if it is allowed. 

• Amenities

  These are the features that different properties will included as part of your lease agreement. These features may include but are not limited to  a pool, dog park, computer lab, workout facility, playground, or  tennis courts.

• Guarantor

  If you are a first time renter or don’t a credit history some properties may require you to have a guarantor. A guarantor is someone who agrees to sign on your behalf, they take responsibility for you and “guarantee” your rent and all other conditions outlined in your lease.