Glossary of Renting Terms

Abandonment

The act of abandoning a rental unit. A tenant may decide to move out of their leased apartment or rental unit if it is considered "uninhabitable" because the landlord has not performed the required repairs after receiving notice of the defects from the tenant.

Broom Clean

Relates to the condition of an apartment should be in when a tenant leaves or a new tenant moves in. At the very least, the apartment should be swept clean and free of trash or unwanted household items.

Efficiency

A small apartment with a bathroom and a private kitchenette. Efficiency apartments are similar to studio apartments, however, the kitchen area of an efficiency apartment is smaller. In spite of this, many people use the terms "studio apartments" and "efficiency apartments" interchangeably.

Eviction

To force out a tenant using the proper legal processes.

Eviction Notice

A written notice from the landlord or property owner to the tenant, to vacate the rental property. Landlord eviction notices are used to serve notice to the tenant to pay, vacate, repair, or have their rental space possessed by the landlord.

Guarantor

A guarantor is a person who is legally obligated to pay the rent in case the tenant is unable to. Some landlords will ask for a guarantor when tenants do not make enough to meet the landlord's minimum salary requirements.

Lease

An agreement where the property's owner allows a tenant to use the property in exchange for monies for a set amount of time. This may also pertain to an automobile where the borrower uses the vehicle for a set amount of time in exchange for lease payments. At the end of the lease period, the borrower gives the car back to the dealer or arranges to buy the automobile.

Lessee

The person who signs for the lease.

Lessor

The person who is granting a lease.

Month to Month Lease

Apartments which are rented out one month at a time. The lease lasts for one month, and if neither party has given notice to terminate or change the agreement, it automatically renews each month. How early you must notify each other should be stipulated in the rental agreement.

Property Manager

Some owners of apartments employ a property manager who is a liaison between the owner and the tenant. They can be in charge of advertising empty units, dealing with rent issues and tenant complaints, and signing and renewing the lease.

Rental Agreement

Another term for Lease, see definition above.

Repair and Deduct

A tenant's recourse of deducting from future rent the amount necessary to repair defects covered by the implied warranty of habitability. The amount deducted cannot be more than one month's rent.

Security Deposit

A security deposit is money that the tenant pays to the landlord. It provides monetary security to the landlord, in case of damage to the apartment or failure by the tenant to comply with the agreement (such as moving out before the lease ends). The tenant receives the deposit back at the end of the lease, minus any deductions for repairs / restoration.  Also known as a key deposit, or closing fee.

Sublet

Subletting is when the lessee or tenant rents out all or part of the apartment to another person, while still maintaining status as the prime tenant and contractually bound to the lease agreement with the landlord.  Also known as subleasing.