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DEFINITIONS OF RENTAL TERMS APPLICATION FEE:
A charge to check your credit and rental history. Your application may
be binding! That is, once you have applied, you have committed yourself
to rent an apartment, if your application is approved. If you change your
mind, you will have to find someone else to take the apartment and pay
the rent until you do!
FINANCIAL GUARANTEE:
Evidence of income (usually, three times the price of the rent) to qualify
applicants. A copy of the financial information used to obtain your student
or exchange visitor visa is the appropriate documentation to offer. If
the financial information is that of a family member, your relative’s
signature may be required as a guarantor of the lease. Usually, faxes
between your relative and the rental office meet this requirement in a
timely fashion. If your income is from a graduate assistantship or fellowship
or another sponsor, the assistantship offer or sponsor’s letter clearly
stating your financial support should be presented. Neither the I-20 nor
the IAP-66 is a financial guarantee. Apartment managers have no business
asking for them or copying them!
DEPOSIT:
Money that is held by the management to guarantee occupancy of a room
or apartment, payment of rent, repair of damages, and professional cleaning
after you leave. If terms of a signed contract are met, the deposit is
either refunded in full or reduced to pay for unusual wear and tear or
damage to the apartment. Within thirty days of your returning the apartment
key, the manager must bill you for any charges and refund the remainder
of your security deposit. Failing to meet this deadline, the landlord
forfeits his right to the deposit and must return it in full.
LEASE:
A legal contract signed by both the manager and the renter. Violation
of the lease agreement can result in a heavy financial penalty. Residents
should understand all of the conditions of the lease before signing. Any
negotiated variation should be set out in writing, initialed, and dated
by both the tenant and the manager as an amendment to the lease.
RENT:
Payment made for living accommodations. Since the rental rate and the
payment due date are part of the signed contract, failing to make this
payment for ANY reason may result in expensive penalties and legal actions.
Legal advice is recommended for any tenant who has difficulties with a
landlord.
COMMONLY USED ABBREVIATIONS IN RENTAL HOUSING ADVERTISEMENTS
| A/C or AIR |
Air-conditioning |
| ABP |
All bills paid. Your utilities (water, electricity, gas, sewage, garbage collection) has been included in your rent. You only have to arrange for telephone service. |
| ASAP |
As soon as possible |
| BR or BDRM |
Bedroom |
| C-FAN |
Ceiling fan |
| EFF |
An efficiency apartment: one room for living, eating, and sleeping. The bathroom is separate |
| FP |
Fireplace |
| 4-Plex |
A rental unit comprised of two ground floor or "garden" apartments and two second floor apartments |
| IMMED |
Ready for immediate occupancy |
| INCL |
Included in the rent |
| MO |
Month |
| 2/2 or 3/2 |
The first number indicates the number of bedrooms in the apartment. The second number indicates the number of bathrooms. Bathroom facilities include bathtub and/or shower, toilet (WC), and wash basin. |
| W/D |
Washing machine and clothes dryer are provided. |
| W/D CONN |
Washer and clothes dryer connections are available for your own machines. |
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