Application Fee
A charge to check your credit and rental history. Once you submit your application fee, your housing application may be binding! That is, once you have applied, you have committed yourself to rent an apartment, if your application is approved.
Financial Guarantee
The evidence of income (usually, three times the price of the monthly rent) used to qualify housing applicants. A copy of the financial information used to obtain your student or exchange visitor visa may be used as proof of income. If the financial information is that of a family member, your relative’s signature may be required as a guarantor of the lease. If you receive income from a graduate assistantship, fellowship or another sponsor, the assistantship offer letter or a letter from your sponsor verifying the income you receive should be presented. The I-20 and DS-2019 is not a financial guarantee and should not be presented to landlords and apartment managers.
Deposit
Money that is held by housing management to guarantee occupancy of a room or apartment, payment of rent, repair of damages, and professional cleaning after you move out. If terms of a signed contract are met, the deposit is either refunded in full or reduced to pay for unusual wear and tear or damage to the apartment. Within thirty days of you returning the apartment key, the manager must bill you for any remaining charges and refund the remainder of your security deposit. Should the landlord/apartment manager fail to meet this deadline, he/she forfeits their right to the deposit and must return it in full to the renter.
Lease
A legal contract signed by both the manager and the renter. Violation of the lease agreement can result in a severe financial penalty. Residents should understand the conditions of the lease prior to signing. Any negotiated variation should be set out in writing, initialed, and dated by both the tenant and the manager as an amendment to the lease.
Rent
Payment made for living accommodations. Since the rental rate and the payment due date are part of the signed contract, failing to make this payment for ANY reason may result in expensive penalties and legal actions. Legal advice is recommended for any tenant who experiences difficulties with a landlord.
Commonly Used Abbreviations
- A/C or AIR - Air-conditioning
- ABP - All bills paid. Basic utilities (water, electricity, gas, garbage collection) have been included in your rent. You are responsible for extra services such as internet or cable television.
- ASAP - As soon as possible
- BR or BDRM - Bedroom
- C-FAN - Ceiling fan
- EFF - An efficiency apartment: one room for living, eating, and sleeping. The bathroom is separate.
- FP - Fireplace
- 4-Plex - A rental unit comprised of two ground floor or "garden" apartments and two second floor apartments.
- IMMED - Ready for immediate occupancy
- INCL - Included in the rent
- MO - Month
- 2/2 or 3/2 - The first number indicates the number of bedrooms in the apartment. The second number indicates the number of bathrooms. Bathroom facilities include bathtub and/or shower, toilet (WC), and wash basin. • 4-Plex - A rental unit comprised of two ground floor or "garden" apartments and two second floor apartments.
- W/D - A washer and dryer machine for clothing is provided.
- W/D CONN - Washer and clothes dryer connections are available. Machines not included.