Your Guide To Apartment Terminology In Indianapolis
If you are hunting for or have recently relocated to your first apartment in Indianapolis, you may soon run into a word or expression you haven’t heard before. You can always contact the community’s leasing agents to get clarification, but most words are easily decipherable with a quick glance at an apartment glossary.
Have you run into a term you were unfamiliar with? Would you like to be more in the know while you apartment hunt? Use this list of apartment terminology in Indianapolis to discover more about apartment living.
Apartment Terminology To Know When Searching For Indianapolis Communities
Accessible apartment
An apartment that is handicap accessible.
Addendum
An addition made to the primary lease agreement, such as a pet agreement explaining guidelines for pets living in the apartment.
Amenity
Additional features in a unit or within the apartment community, such as an in-unit washer and dryer or a community swimming pool and health center.
Applicant
Any person who applies for an apartment lease.
BR/BA
Bedrooms/Bathrooms. 2BR/1BA refers to two bedrooms and one bathroom within the apartment.
Breed restrictions
Rules for what animal breeds are not authorized to live in an apartment.
Common areas
Shared spaces accessible by all Residents, such as the clubhouse, community amenities, laundry rooms, and green spaces.
Concession
Money credited to your account as a result of overpayment or a special discount.
E-payments
Rent payments made digitally as opposed to by check.
Elevator building
A multi-story apartment featuring elevators for Residents. These are usually four stories or taller.
Eviction
The legal act of property owners terminating your lease and requiring you to vacate as a result of you breaching lease terms or community rules.
Fair housing laws
Rules that shield specified groups of people from housing discrimination.
Galley kitchen
A narrow kitchen with counters, cabinets, and appliances on each side that are commonly found in apartment floor plans.
Garden apartment
Apartment buildings of no more than three stories that are set amid grassy or tree-lined areas.
Grace period
A short period of time after your rent is due during which you can still pay without being charged with late fees or other consequences.
Guarantor
A lease co-signer who is held financially liable if you are unable to or do not pay your rent.
Income requirement
An earnings threshold you must satisfy to be approved for renting an apartment.
Lease
A rental agreement that outlines the terms and conditions of renting an apartment.
Lockout policy
A property's rules 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 appliances, community amenities, and high-end finishes that go beyond usual offerings.
Maintenance
The crew in charge of apartment maintenance and repairs. You should contact them if you have a repair need in your apartment.
Market rate
The current cost of rent, determined by what comparable apartments are going for in the local area.
Multi-family
A building with multiple apartments built to serve numerous households.
Occupancy standards
Limits on the number of people who may inhabit an apartment.
Online portal
A convenient way for apartment Residents to make a payment, request maintenance, communicate to staff, and more.
Pet policy
A community's guidelines for which pets are permitted or restricted and the fees associated with keeping a pet in your unit.
Prorate
A per diem calculation of rent if you begin or end your tenancy halfway through a month, rather than requiring you to pay an entire month's rent.
Prospect
A would-be Resident who is trying to find an apartment but hasn't signed a lease yet.
Renewal
Continuing your lease after its initial term ends.
Renters insurance
An insurance policy that provides coverage for personal property damage and loss in the event your apartment is affected by a disaster.
Rent
The monthly amount you pay to reside in your apartment.
Screen
Performing a background check and evaluating your rental history during the application period.
Security deposit
Funds you submit before starting your rental term. It is intended to cover unpaid rent or damages upon moving out. If you leave with no rent due or damage, you receive your deposit back.
Short-term
A lease for fewer than 12 months.
Term
The length of time of your rental agreement.
Term fee
A fee you pay for canceling 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 get to via stairs rather than an elevator.
Penrose on Mass Apartments Is Pleased To Answer Questions About Apartment Terminology In Indianapolis
Bring all your questions about apartment terms to the pros at Penrose on Mass! We’ll explain how leasing works and introduce you to our beautiful apartments and community. Call us at 317-661-4399 or book a tour to learn more about the incredible apartment living experience we have waiting for you.