A New Residents Guide To Apartment Terminology In Indianapolis
If you are searching for or have just settled into your first apartment in Indianapolis, you may soon come across a word or expression you don’t know. You can always reach out to the community’s office staff to get clarification, but most words are easily decipherable with a brief scan of an apartment glossary.
Have you heard a phrase you didn’t know? Wish to be more in the know while you apartment hunt? Check our list of apartment terminology in Indianapolis to learn more about apartment living.
Apartment Terminology To Know When Looking For Indianapolis Communities
Accessible apartment
A unit that is wheelchair accessible.
Addendum
An addition made to the primary lease document, such as a pet policy explaining rules around pets living on site.
Amenity
Extra features in an apartment or within the community, such as an in-unit washer and dryer or a community pool and gym.
Applicant
Any person who submits an application for an apartment lease.
BR/BA
Bedrooms/Bathrooms. 2BR/2BA means two bedrooms and two bathrooms within the apartment.
Breed restrictions
Guidelines on what dog breeds are not permitted to live in an apartment.
Common areas
Communal spaces available to all Residents, such as the clubhouse, community amenities, laundry facilities, and property grounds.
Concession
Money credited to your account due to overpayment or a special discount.
E-payments
Rent payments made digitally versus by check.
Elevator building
An apartment building featuring elevators for Residents. These are typically four or more stories.
Eviction
The legal act of property owners terminating your lease and removing you from your apartment due to you breaching lease terms or community policies.
Fair housing laws
Rules that shield certain groups of people from housing discrimination.
Galley kitchen
A narrow kitchen with cabinets, counters, and appliances on either side that are common in apartment floor plans.
Garden apartment
Apartment buildings of no more than three stories that are surrounded by wooded or grassy areas.
Grace period
A short time period after your rent due date during which you may still remit payment without facing late fees or other penalties.
Guarantor
A co-signer who agrees to take financial responsibility for your lease if you cannot or do not pay your rent.
Income requirement
An earnings threshold you must satisfy to be eligible to rent an apartment.
Lease
A rental agreement that outlines the terms and conditions of renting an apartment.
Lockout policy
A property's process for letting you into your unit if you get locked out.
Long-term
A lease of at least 12 months.
Luxury apartments
Apartments with appliances, community amenities, and upscale finishes that surpass builder-grade offerings.
Maintenance
The crew in charge of maintenance and repairs of apartments. You should contact them if there is something in need of repair in your apartment.
Market rate
The current cost of rent, based on what comparable apartments are going for in the surrounding area.
Multi-family
A building with multiple apartment units built to serve numerous households.
Occupancy standards
Restrictions on the number of individuals who may reside in an apartment.
Online portal
A convenient internet platform for apartment Residents to pay rent, request maintenance, post a message, and more.
Pet policy
A community's guidelines for which animals are allowed or restricted and the fees owed for having a pet on the premises.
Prorate
A per day calculation of rent if you move in or out in the middle of a billing cycle, instead of billing you an entire month's rent.
Prospect
A possible future Resident who is looking for an apartment but hasn't committed to a lease yet.
Renewal
The extension of your lease once the original agreement is up.
Renters insurance
An insurance plan that provides coverage for personal property damage and loss in case your apartment is affected by a disaster.
Rent
The monthly amount you pay to live in your apartment.
Screen
Conducting a background check and reviewing your history as a tenant during the application period.
Security deposit
A payment you make before taking occupancy of your apartment. It is meant to cover unpaid rent or damages at the expiration of your lease. If you vacate with no outstanding rent or damage, you are refunded your deposit.
Short-term
A lease for fewer than 12 months.
Term
The length of your apartment lease.
Term fee
A charge you pay for ending your lease early.
Utilities
Electricity, garbage removal, water, and gas. These may or may not be included in your rent.
Walk-up apartment
An apartment you access by flights of stairs as opposed to an elevator.
StoneBridge Luxury Apartment Homes Is Pleased To Answer Questions About Apartment Terminology In Indianapolis
Bring all your questions about apartment terminology to the pros at StoneBridge! We’ll tell you how leasing works and show you around our stunning apartments and community. Give us a call at 317-743-2959 or arrange a tour to learn more about the amazing apartment living experience we have waiting for you.