A New Residents Guide To Apartment Terminology In Indianapolis
If you are looking for or have recently settled into your first apartment in Indianapolis, you may soon encounter a word or phrase you aren’t familiar with. You can always get in touch with the community’s leasing office to get clarification, but some words are easily decipherable with a brief scan of an apartment glossary.
Have you come across a term you didn’t know? Wish to be more up to speed while you search for apartments? 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
An apartment unit that is handicap accessible.
Addendum
An addition made to the primary lease agreement, such as a Pet Addendum detailing rules around pets living on site.
Amenity
Additional features in an apartment or within the community, such as in-unit laundry or a community health center or swimming pool.
Applicant
Any person who applies for an apartment lease.
BR/BA
Bedrooms/Bathrooms. 3BR/2BA specifies three bedrooms and two bathrooms in the unit.
Breed restrictions
Rules for what animal breeds are restricted from living in an apartment.
Common areas
Shared spaces available to all Residents, such as the community amenities, green spaces, laundry facilities, and clubhouse.
Concession
Money credited to your account because of overpayment or a special discount.
E-payments
Rent payments made online versus by check.
Elevator building
A multi-level apartment featuring elevators for Residents. These are usually four or more stories.
Eviction
The legal process of property management ending your lease agreement and removing you from your apartment in response to your violating lease terms or community rules.
Fair housing laws
Rules that protect specified groups of people from unfair housing practices.
Galley kitchen
A narrow kitchen with counters, cabinets, and appliances on each side that are common in apartment floor plans.
Garden apartment
Apartment buildings as tall as three stories that are surrounded by grassy or wooded areas.
Grace period
A short period of time after your rent due date during which you may still remit payment without facing late fees or other penalties.
Guarantor
A co-signer who takes financial responsibility for your lease if you are unable to or do not pay your rent.
Income requirement
A minimum income level you must meet to qualify for renting an apartment.
Lease
A tenancy agreement that outlines the terms and conditions of renting an apartment.
Lockout policy
A property's process 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 premium finishes that go beyond builder-grade offerings.
Maintenance
The staff responsible for repairs and maintenance of apartments. You should call them if you need something fixed in your apartment.
Market rate
The current going rate for rent, determined by what comparable apartments are going for in the local area.
Multi-family
An apartment building with multiple units built to serve many households.
Occupancy standards
Guidelines regarding the number of individuals who may inhabit an apartment.
Online portal
A convenient way for Residents to request maintenance, submit a payment, communicate with staff, and more.
Pet policy
A community's rules for what pets are allowed or prohibited and the fees owed for housing a pet in your unit.
Prorate
A day-by-day calculation of rent if you arrive or depart in the middle of a billing cycle, rather than charging you an entire month's rent.
Prospect
A potential apartment Resident who is searching for an apartment but has not signed a lease yet.
Renewal
The extension of your lease after its initial term ends.
Renters insurance
An insurance plan that protects against personal property damage and loss in case your apartment is affected by a disaster.
Rent
The monthly amount you pay to occupy your apartment.
Screen
Performing a background check and reviewing your past rental record during the application process.
Security deposit
Funds you submit before starting your rental term. It is designed to cover unpaid rent or damages once your lease is up. If you leave with no outstanding rent or damage, you receive your deposit back.
Short-term
A lease for fewer than 12 months.
Term
The duration of your lease contract.
Term fee
A penalty you pay for ending your lease early.
Utilities
Gas, water, electricity, and garbage removal. These may or may not be included in your rent.
Walk-up apartment
An apartment you get to via stairs as opposed to an elevator.
The Edge Apartments Is Ready To Answer Questions About Apartment Terminology In Indianapolis
Bring your questions about apartment vocabulary to the staff at The Edge! We’ll help you understand the leasing process and introduce you to our beautiful apartments and community. Give us a call at 463-345-4399 or arrange a tour to learn more about the outstanding apartment lifestyle we provide.