Understanding Apartment Terminology In Indianapolis
If you are hunting for or have recently moved into your first apartment in Indianapolis, you might come across a word or expression you haven’t heard before. You can always reach out to the community’s leasing agents to clear things up, but many words are easily decipherable with a quick glance at an apartment glossary.
Have you come across a word you didn’t know? Want to be more in the know while you hunt for apartments? Check our list of apartment terminology in Indianapolis to learn more about apartment living.
Apartment Terminology You Need To Know When Searching For Indianapolis Communities
Accessible apartment
An apartment that is wheelchair accessible.
Addendum
An addition to the basic lease document, such as a pet agreement detailing policies on pets living on site.
Amenity
Extra features in a unit or within the community, such as in-unit laundry or a community fitness center or swimming pool.
Applicant
Any individual who requests an apartment lease.
BR/BA
Bedrooms/Bathrooms. 3BR/2BA indicates three bedrooms and two bathrooms in the apartment.
Breed restrictions
Rules for what dog breeds are not allowed to live in an apartment.
Common areas
Communal areas open to all apartment Residents, such as the clubhouse, laundry facilities, property grounds, and community amenities.
Concession
Funds applied to your account as a result of overpayment or a special discount.
E-payments
Rent payments submitted digitally instead of by check.
Elevator building
A multi-level apartment with elevators for Residents. These are typically four stories or taller.
Eviction
The legal process of property owners terminating your lease and removing you from your apartment in response to your failing to comply with lease terms or community guidelines.
Fair housing laws
Legal guidelines that protect specific classes of people from unfair treatment in housing.
Galley kitchen
A narrow kitchen with cabinets, counters, and appliances on both sides that are commonly found in apartment floor plans.
Garden apartment
Apartment buildings up to three stories that are surrounded by grassy or tree-lined areas.
Grace period
A short time period after your rent due date during which you may still remit payment without incurring late fees or other charges.
Guarantor
A lease co-signer who is held financially liable if you cannot or do not pay your rent.
Income requirement
An income threshold you must meet to be approved for renting an apartment.
Lease
A rental agreement that states the terms and guidelines of renting an apartment.
Lockout policy
A property's process for providing access into your apartment if you accidentally lock yourself out.
Long-term
A rental agreement of no fewer than 12 months.
Luxury apartments
Apartments with community amenities, appliances, and upscale finishes that go beyond typical 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 rent cost, determined by prices of comparable apartments in the neighboring 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 Residents to request a repair, make a payment, post a message, and more.
Pet policy
A community's guidelines for which pets are permitted or restricted and the costs associated with having a pet in your apartment.
Prorate
A day-by-day calculation of rent if you move in or out partway through a month, instead of billing you the 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 once the original agreement is up.
Renters insurance
An insurance policy that protects against personal property damage and loss in case your apartment is affected by a disaster.
Rent
The money you pay each month 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 moving into your apartment. It is meant to cover outstanding rent or damages once your lease is up. If you leave with no rent due 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 terminating 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 rather than an elevator.
Block 20 Is Ready To Answer Questions About Apartment Terminology In Indianapolis
Bring your questions about apartment terms to the team at Block 20! We’ll walk you through the leasing process and show you around our beautiful apartments and community. Give us a call at 463-777-2762 or schedule a tour to discover the amazing apartment living experience we provide.