Top 30 Essential Terms for Renters & Landlords
Embarking on the journey of rentals may seem overwhelming, particularly for newcomers. Whether you’re a tenant in search of an ideal home or a landlord overseeing your property, grasping rental terminology is pivotal.
To simplify this process, we’ve assembled a thorough rental dictionary encompassing 30 fundamental terms relevant to both renters and landlords. This resource aims to equip you with the insights necessary to make well-informed decisions and facilitate a seamless rental experience. Please be sure to check out any links for more information.
1. Accessible
Accessible apartment accommodates individuals with physical disabilities, providing features like ramps, wider doors, adapted bathrooms, lowered switches, and elevator access. For those with hearing impairments, it may include visual signals for doorbells and smoke alarms, while individuals with visual impairments benefit from handrails and special lighting.
2. Application Fee
A fee paid by prospective tenants to cover the cost of processing their rental applications. Please note this may not be refundable unless you sign an agreement.
3. As-is condition
The tenant agrees to rent the apartment in its current condition, accepting any defects, flaws, or necessary repairs, and agrees to take the space as-is.
4. Background Check
A process where landlords investigate a tenant’s criminal history, credit history, and rental history.
5. Co-signer
An individual who agrees to be financially responsible for a tenant’s lease obligations if the tenant defaults.
6. Credit Check
A public record of your credit, encompassing credit cards, loans, and other bills, can be requested by a potential landlord from credit bureaus. This helps them assess your ability to pay rent and your track record of meeting financial obligations before deciding to lease to you.
7. Dispute
A landlord-tenant dispute is a disagreement or conflict between a property owner (landlord) and a tenant regarding various aspects of the rental agreement, such as lease terms, maintenance issues, or property-related responsibilities.
8. Eviction
The legal process by which a landlord can remove a tenant from the property due to lease violations or non-payment of rent.
9. Fixed-term Lease
A fixed-term lease commits a tenant to renting an apartment for a specified period, typically 12 months, whereas a month-to-month lease allows monthly payments with the flexibility to decide on continuation each month. In a fixed-term lease, the tenant is obligated to complete the agreed-upon time period before vacating the property.
10. Fair Housing Laws
Federal and state regulations that prohibit discrimination in housing based on race, colour, religion, sex, disability, familial status, or national origin.
11. Guest
A temporary visitor to your apartment who does not reside there, including your or your roommate’s significant other who sleeps over often. While someone visits you, they’re required to abide by the terms of your lease, as well, such as quiet hours, behaviour or parking restrictions.
12. Holding Deposit
A deposit paid by a prospective tenant to reserve a rental property until they can sign the lease agreement.
13. Lease Agreement
A legally binding contract between the landlord and tenant outlining the terms and conditions of the rental arrangement.
14. Lease Termination
The end of the lease agreement, either by mutual consent or due to lease violations.
15. Maintenance
The responsibility of the landlord to keep the property in good condition and perform necessary repairs.
16. Move-In Inspection
A detailed examination of the rental property’s condition at the beginning of the lease to document any existing damages.
17. Notice to Vacate
A written notice from the tenant or landlord indicating their intention to terminate the lease agreement.
18. Property Inspection
Periodic assessments of the rental property’s condition, usually conducted by the landlord.
19. Pet Deposit
A refundable deposit paid by tenants to cover potential damages caused by their pets. Note: if this is included it can not be higher than the security deposit.
20. Quiet Enjoyment
A tenant’s right to peacefully enjoy their rental property without interference from the landlord.
21. Reference
Someone who can attest to a renter’s suitability as a tenant, employee, or their personal character.
22. Rent Control
Government regulations that limit the amount and frequency of rent increases. This may vary province to province.
23. Rental Scams
A rental scam is a deceptive scheme where individuals pose as landlords or property managers to fraudulently obtain money or personal information from prospective tenants for fake rental properties that either do not exist or are not legitimately available for rent. These scams often involve misleading advertisements, requests for upfront payments, and the exploitation of unsuspecting renters.
24. Renters Insurance
Insurance purchased by tenants to protect their personal belongings and provide liability coverage.
25. Security Deposit
A refundable sum of money paid by the tenant to the landlord to cover potential damages or unpaid rent.
26. Subletting
The act of a tenant renting out all or part of the rented property to another person (subtenant) with the landlord’s approval.
27. Wear and Tear
Commonly found in leases, “normal wear and tear” refers to the acceptable level of damage that does not result in deductions from your security deposit upon moving out, relieving tenants of responsibility for typical, unavoidable usage-related deterioration, including minor issues like chips, scuffs, and small scratches on cabinets
28. Tenant Screening
The process of evaluating prospective tenants to determine their suitability and reliability as renters.
29. Utilities
Services such as water, gas, electricity, and internet that tenants may be responsible for paying in addition to rent.
30. Vacancy Rate
The percentage of rental units in a property or area that are unoccupied.
With these 50 essential rental terms, you’ll be well-equipped to navigate the world of rentals confidently, whether you’re a renter or a landlord!
