Apartment & Rental Term Definitions 

Management Company - A company that manages the daily operation of a rental unit. Management companies range greatly in size, from small local companies that manage a small handful of units, to large national companies that manage thousands of units. Most management companies do not own the properties for which they manage, but are hired for a small fee (usually around 6% of the property's profits) to oversee to the maintenance, marketing, and administration of a property.

Amenity - The individual feature of a community and/or rental unit. Typical amenities can include air conditioning, swimming pool, and dishwasher.

Lease - Binding contract between landlord and renting tenant that details the responsibilities of the tenant and landlord, including rules & regulations, rental rates, and lease terms.

Tenant - The Person who has agreed to assume responsibility of the rental unit, including rent payment and general maintenance.

Landlord - The individual or company responsible for the daily operation of rental property.

Section 8 - A Housing Assistance Program (HAP) provided by a local government agency, usually via a voucher, to individuals and families based on need. Most landlords do accept Section 8 Vouchers, however they are not required to provided they follow Fair Housing Laws.

Fair Housing - Local and national laws that protect against housing discrimination for current and prospective tenants. It offers protection against age, gender, race, religion, marital status, origin, prescience of children, and disability. Income is not protected on national fair housing laws, provided that the landlord sets the same requirement for all prospective tenants. In fact, many landlords require new tenants to gross a certain percentage above the monthly rental rate (usually 3 times) to qualify for the unit.

Early Termination - Ending a lease prior to the stated expiration, often referred to as "breaking a lease".

Notice To Vacate - Notification, usually in writing, that you wish to vacate your rental unit by a specified date, which is usually the last day of your lease term. Most landlords require that notice be submitted within a specified amount of time prior to vacating, which is usually 30-60 days. Failure to submit a proper notice can result in increased fees, including additional rent, dependent on the lease guidelines.

Proper Notice - A Notice To Vacate submitted within the guidelines laid out in the lease terms.

Improper Notice - A Notice To Vacate not submitted within the guidelines laid out in the lease terms, in which case the tenant can be held responsible for additional fees set forth in the lease.

Renew - The process of which a current tenant chooses to remain in his/her current rental unit following the expiration of the prior lease. Typically the tenant must sign a new lease, which can include a different rental rate.