Inspection- An examination of the condition of the apartment. Apartment Vocabulary Property Manager- A person who takes care of the house, apartment or condominium when the owner (landlord) is unable to personally attend to such details, or is not interested in doing so. Landlord- The owner of a house, apartment, condominium which is rented to an individual who is called a renter (or tenant). Rental Application- A document used to collect information so they may make a decision to accept or decline a prospective renter. Landlords will usually use information from the application to run a credit and criminal history report. Co-Signer- A financially secure third party who agrees to take on the financial responsibility of the lease if the primary renter can't pay for some reason. Lease Agreement- The agreement the renter and landlord sign detailing the responsibilities and costs of living in the apartment. Security Deposit- An amount of money that a renter pays when beginning to rent property that can be used to pay for any damage that the renter causes to the property. Inspection- An examination of the condition of the apartment. Renter’s Insurance- Insurance coverage for the contents inside the property. Renters' insurance does not include coverage for the structure because the renter does not own the structure.

Things to know before renting   1. Your credit score could affect your approval. Credit score requirements vary by landlord; however, 680 or higher is considered to be a good credit score. Fixing credit problems improves your odds of getting a rental. If you can’t fix bad credit, explain it on your rental application, as some landlords may show leniency after a job loss, divorce, or illness. There are costs that you have to pay “up front”. Nearly all apartment companies will require that you pay a security deposit before you move in. In addition to the deposit, you may have to pay application fees, or even one month’s rent, before you can get settled into your new place. 3. The rent charged is only fixed for the rental period. If you find an affordable apartment to rent, don’t get too excited – rent prices aren’t fixed. You can assume that after the rental period expires, your rent will increase. Ask about past rent increases to get a feel for what you can expect. 4. If you plan to have a roommate, make sure they are responsible. It’s common for two people to rent an apartment together as roommates. Landlords don’t mind if there are multiple people listed on a lease agreement – in fact, having multiple people on a lease helps renters qualify because landlords consider both incomes and credit scores. Each person that signs the lease remains responsible until the lease ends. If your roommate does not pay, it could affect your credit and get you evicted (thrown out).

Things to do before renting  1. Get Renters’ Insurance If a natural disaster or fire destroys your apartment, the landlord’s insurance does not cover your personal belongings. You need your own insurance to cover your belongings against theft and damage, as well as any damage you cause to the apartment. 2. Evaluate the Neighborhood You should choose a neighborhood that’s comfortable and safe. Before committing to an apartment, visit the community during different times of the day – perhaps in the evenings and on the weekends when most of the residents are at home. Is the neighborhood quiet? Do you feel safe? If possible, talk to some of the people in the community and get their opinions of the neighborhood. 3. Inspect the Property You are held responsible for any damage done to the apartment when you have rented it. Make sure to look around and point out any existing damage so that you won’t be charged for something that you didn’t do. 4. Read Your Lease Yes, lease agreements are long and boring, and it can take awhile to read the entire document. However, once you sign your name, it’s a done deal. You will be held to the rules in the agreement that you just signed. Make sure you know what those are. When compared to buying a home, renting an apartment doesn’t seem like a such a big deal – but it’s still a major decision. The more you know about the process, the easier it becomes.