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Rental Vocabulary for First Time Renters

Rental Vocabulary for First Time Renters

Renting your apartment can be a stressful time, especially for first time renters. Leasing agreements can be filled with convoluted words that may make first time renters feel like they are in over their head. Luckily, our CTBest team has defined a few of the most common rental vocabulary terms to help take some of the stress out of the rental process.

Security Deposit - A security deposit is a sum of money (usually equivalent to one to two months’ rent) that is due to the property owners prior to moving in. Deposits are usually returned when residents move out as long as the apartment is still in good condition. CTBest has partnered with Sure Deposit for an attractive alternative to traditional deposits that allows tenants to pay a one-time nonrefundable low cost premium. Traditional security deposits are also an option but must be paid in full and delivered in the form of a certified bank check, money order, debit or credit card.

Application Fee - An application fee is paid when applying to live in an apartment that typically covers the costs for the property manager to run a background check. All CTBest apartment communities require a $35 application fee per person.

Lease - A lease is a legally binding contract signed prior to moving into an apartment that includes a series of terms and conditions agreed upon by both the tenant and property manager. This often includes rental price, what tenants can and can’t do in their apartment, visitor policies, repairs responsibilities, additional fees and expected length of agreement.

Length of Agreement/Lease Period - The length of agreement or lease period is the minimum period of time a tenant will rent an apartment. Most length of agreements are between six and 12 months, although short-term leases are also available through select apartments or negotiation.

Rent - Rent is money paid regularly by the tenant in order to live at the apartment. This is usually paid on a monthly basis and often includes some utilities. CTBest makes paying rent easy by allowing residents to make their payments online through an e-check (ACH) from a bank account for free or by credit or debit card for a fee.

Utilities - Services used within the apartment such as water, heat, electricity, air conditioning and internet. Depending on the apartment community, CTBest includes certain utilities within the monthly apartment rent, while others must be obtained and paid for separately.

Renter’s Insurance – Renter’s insurance is a type of property insurance that covers tenants’ belongings and liability in case of loss, theft or damages within the apartment. Renters insurance is not always required, but it is highly recommended.

Now that you know the basic apartment rental vocabulary, get a head start on your application process! Apply online at CTBestApts.com or call or text Desiree at 203-223-1665 for more rental information.


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