Finding a luxury apartment can sometimes be tough. But tougher still is learning what some of the terms you’ll hear while shopping actually mean! Heatherwood has created a simple acronym to help eliminate some of this confusion.
A is for Application. Application is what you’ll fill out with all the pertinent information the rental company needs to determine if you qualify to enter into the rental agreement. The rental application is a safeguard (for both you and the rental company) to make sure you’ll be able to pay your monthly rent without distress or hardship.
P is for Pro Rate. Pro Rate is a calculation of rent or other charges that you will pay including: monthly rent, amenities and other services. These fees can also be referred to as your day to day costs, or living expenses. Read all documents you are given carefully because in some instances you’ll still have to pay out-of-pocket for electricity, TV and internet as well as other miscellaneous fees you may not have thought about.
A is for Amenities. Amenities can be things like; Fitness Centers, Pools, Tennis Courts, Rooftop Courtyards, etc. These amenities vary by building or complex and can be located on the grounds of your complex, or just outside the luxury apartment building in which you live. It is also important to know that some apartment buildings may have “exclusive” amenity packages that come with additional fees. Some suburban style apartment complexes often include their community amenities with the monthly rent. Whichever way you go, please confirm all rules and fees regarding the amenities in your particular location.
R is for Renewal. Lease agreements these days are most commonly 12 or 24 months. Anything after the initial lease term will be considered a “Lease Renewal”. Talk to your leasing agent to find out more information about your initial lease terms and just what goes into the lease renewal (i.e., How long before your lease expires are renewal notices required? Are there standard rent increases with each renewal? And how are those increases calculated?).
T is for Tenant. When reading lease agreements, you (the renter) may be referred to in the agreement as the “tenant”. Tenant is typically defined as an individual who signs a rental agreement and occupies the space rented from a landlord. If there is a situation where there is a roommate (or two or more people occupying the same apartment), a special lease agreement may be drafted. Always follow the advice of the leasing director or legal counsel if you desire more clarification.
M is for Market Rent. Market Rent is the rent you will pay based on existing market conditions. Market rent is most often used to price apartments in large cities or where large apartment buildings exist alongside others of the same size and stature. Market Rent can also be referred to as “street rent” or “scheduled rent.” This type of rent is usually based on the unit type and size (or square footage). Extra Tip: Ask the leasing agent if there are any incentives or concessions to market rent when you’re shopping.
E is for Equal Housing Opportunity. Equal Housing Opportunity is the “right” you, as a renter, possess giving you the right to live in the community regardless of your race, gender, age, nationality, familial status or disability. It is also important not to confuse this “right” with your financial status and subsequent application approval.
N is for Notice to Vacate. Notice to Vacate simply means that you as the tenant formally (in writing or otherwise) informs the landlord that you are going to break your lease before the end of your original lease term–or that you will not be renewing your lease after your initial term expires. Landlords often set a policy for the amount of time required for a tenant to give notice before moving out or stopping rent payment. This time allotment can vary; check with your leasing agent or refer to your lease agreement for these terms.
T is for Type. The “type” of apartment you rent may sometimes have labels you are not familiar with. Here are some examples. The “Junior 1 Bedroom” or “Deluxe Studio” is a step-up from the typical studio apartment. It may be slightly larger and sometimes features a separate sleeping area or eat-in kitchen. A “Penthouse” is typically a unit located near or on the top floor of a luxury apartment building. And a “Micro Apartment” is an apartment (that is relatively new to the New York Area) and usually tops out at approximately 360 square feet. They generally come with a kitchenette, bathroom and a combined space for sleeping and sitting.
The search for your next apartment should always be fun and enjoyable. We hope this list will make your next apartment search easier. Learn more about the types of apartments and our availabilities here.