+ Terms Renters Should Know Independent Living

+ Renting Renting an apartment is one of the major adult decisions you’ll make. Signing a rental agreement or lease creates both financial and legal obligations. You should fully understand the commitment you’re making. Here are some common terms you’ll find in rental agreements:

+ Cleaning deposit: A deposit the renter pays to cover the cost of cleaning the apartment when he or she moves out. This payment is refundable only if the premises are left as clean as when the renter moved in.

+ Eviction notice: A legal notice from the landlord requiring the tenant to move out. A tenant may be evicted for violating rules or failing to pay rent.

+ Holding deposit: An amount charged to hold an apartment a prospective tenant wants to rent until all fees required for moving in are paid. You’ll usually forfeit this money if you decide not to rent the apartment.

+ House rules: Specific rules covering noise, guests, pets or acceptable methods of hanging pictures. These rules are usually a part of the rental agreement.

+ Inventory agreement: A list of furnishings and appliances in an apartment and their condition when the tenant moves in. Tenants can be charged for other damage that occurs. Show inventory agreement

+ Last month’s rent: Final month’s rent that may be required along with the first month’s rent or other fees. When the tenant gives 30 days’ notice before leaving, no more is owed.

+ Lease: A legal contract between the landlord and the renter that states the length of time the renter agrees to live in the unit, the amount of rent, and other specific conditions such as charges for overdue rent.

+ Lessee: The person who rents an apartment. Also called “renter” or “tenant”

+ Lessor: The owner, manager, or rental agent. Also called the “landlord”

+ Security deposit: Cash paid to lessor to cover loss from nonpayment of rent or damages

+ Written rental agreement: Similar to a lease, except the time is indefinite, often on a month-to-month basis. Landlords may alter the rent, and tenants have freedom to move.

+ Manhattan Shoebox Apartment