Rent lease glossary

8 common definition of terms

1. Landlord – the person or entity that is in charge of managing the rental property. The landlord is your point of contact for all things related to your rental and is the person or entity that you will submit rent payments to. The landlord may or may not be the actual owner of the rental property.

2. Tenant (Renter) – Most likely, this is you! The tenant is the person(s) signed on the lease to be living in the rental unit. This person(s) will get to call the rental property their home for the length of the lease agreement and pay a predetermined amount to the landlord on a weekly or monthly basis.

3. Lease Agreement – this is the contract between the landlord and tenant. It will provide the terms and conditions for the rental relationship, such as: rent payment amount, length of stay in the property, important due dates, and responsibilities of each party.

4. Eviction – this is a term no one likes to hear, as it refers to a tenant being kicked out of their rental property due to a violation of their lease agreement or missed rent payment. While each state varies in the process, eviction is not as simple as throwing someone out on the streets. Landlords generally need to go through the court system to have a tenant properly removed from their property.

5. Termination – This is a term that simply means the lease arrangement has come to an end. Whether that be because the contract has run and the tenant is moving out, or the landlord has decided to not renew the lease with the tenant. The important thing to know is that termination does not equate to eviction.

6. Security Deposit – this is a common practice, where a landlord will require payment of fees from the tenant before they can move in and separate from the rent payment. This amount serves as financial protection for the landlord in the event that the tenant skips a rent payment or causes significant damage to the rental property.

7. Roommates – this is the person(s) living with you in the rental property. Used broadly, this term can mean family, friends, acquaintances, or strangers you agreed to live with. To be safe, it is in your best interest to make sure all roommates are named on the lease if you wish for them to be financially responsible for the rental property arrangement.

8. Amenities  – this means a desirable or useful feature or facility of the building or apartment complex. The more amenities a building has, the more likely it will gain a competitive edge in attracting prospective tenants. Common examples include a fitness center, business center, balconies, laundry room, swimming pool, childcare center, playground, and community room.