Your Guide To Apartment Terminology In Indianapolis
If you are looking for or have recently relocated to your first apartment in Indianapolis, you might encounter a word or phrase you haven’t heard before. You can always contact the community’s leasing agents to get clarification, but many words are easy to understand with a brief scan of an apartment glossary.
Have you heard a word you didn’t know? Want to be more informed while you hunt for apartments? Check our list of apartment terminology in Indianapolis to learn more about apartment living.
Apartment Terminology You Should Know When Looking For Indianapolis Communities
Accessible apartment
An apartment that is wheelchair accessible.
Addendum
An addition made to the standard lease contract, such as a Pet Addendum detailing guidelines for pets living in the apartment.
Amenity
Extra features in a unit or within the apartment community, such as an in-unit washer and dryer or a community gym or swimming pool.
Applicant
Any individual who applies for an apartment lease.
BR/BA
Bedrooms/Bathrooms. 3BR/2BA indicates three bedrooms and two bathrooms in the unit.
Breed restrictions
Guidelines on what dog and animal breeds are prohibited from living in an apartment.
Common areas
Shared spaces open to all Residents, such as the community amenities, green spaces, laundry facilities, and clubhouse.
Concession
Funds applied to your account because of overpayment or special discounts.
E-payments
Rent payments made digitally as opposed to in paper form.
Elevator building
A multi-level apartment equipped with elevators for Residents. These are typically four or more stories.
Eviction
The legal process of property management terminating your lease and forcing you to vacate due to you breaching lease terms or community policies.
Fair housing laws
Rules that shield certain groups of people from unfair housing practices.
Galley kitchen
A narrow kitchen with counters, cabinets, and appliances on both sides that are frequently found in apartment floor plans.
Garden apartment
Apartment buildings up to three stories that are set amid wooded or grassy areas.
Grace period
A brief window of time after your rent due date during which you may still remit payment without incurring late fees or other charges.
Guarantor
A co-signer who agrees to take financial responsibility for your lease if you fail to pay your rent.
Income requirement
A minimum income level you must meet to qualify for renting an apartment.
Lease
A tenancy agreement that details the terms and guidelines of renting an apartment.
Lockout policy
A property's rules for letting you into your apartment if you get locked out.
Long-term
A lease contract of at least 12 months.
Luxury apartments
Apartments with community amenities, appliances, and high-end finishes that surpass usual offerings.
Maintenance
The team responsible for property maintenance and repairs. You should reach out to them if you have a repair need in your apartment.
Market rate
The current going rate for rent, according to prices of comparable apartments in the surrounding area.
Multi-family
An apartment building with multiple units meant to house many households.
Occupancy standards
Limits on the number of individuals who may live in an apartment.
Online portal
A convenient way for Residents to pay rent online, ask a question, request a repair, 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 apartment.
Prorate
A per day calculation of rent if you begin or end your tenancy in the middle of a billing cycle, instead of charging you an entire month's rent.
Prospect
A potential apartment Resident who is trying to find an apartment but has not signed a lease yet.
Renewal
Extending your lease once the original agreement is up.
Renters insurance
An insurance plan that covers specified personal property damage and loss in case your apartment is impacted by a covered event.
Rent
The monthly amount you pay to occupy your apartment.
Screen
Performing a background check and evaluating your history as a tenant during the application period.
Security deposit
Money you pay before starting your rental term. It is intended to cover unpaid rent or damages at the expiration of your lease. If you leave with no rent due or damage, you get 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 terminating 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.
The Waverley Apartments Is Happy To Answer Questions About Apartment Terminology In Indianapolis
Bring your questions about apartment terms to the pros at The Waverley! We’ll walk you through the leasing process and show you around our stunning apartments and community. Call us at 317-800-7017 or arrange a tour to learn more about the outstanding apartment lifestyle we have waiting for you.