Rental Glossary

Constructive eviction is a legal concept that occurs when a landlord’s actions, or failure to act, make a rental unit so unlivable that a tenant is esse…

Cost of living is the total amount of money a person needs to cover basic everyday expenses in a specific place, including housing, food, transportation…

An early termination fee is a charge a landlord may require a renter to pay if they move out before their lease agreement officially ends.

An eviction is a legal process a landlord uses to formally remove a tenant from a rental property.

Fair market rent is the estimated amount a typical renter would pay for a modest, decent apartment in a specific area, as calculated each year by the U.S.

A fixed-term lease is a rental agreement that locks in the terms of your tenancy, including the rent amount and rules, for a set period of time.

Gross rent is the total monthly cost of renting a home, combining the base rent payment with the estimated average cost of utilities like heat, electric…

Habitability refers to the legal standard that a rental unit must meet certain basic conditions to be considered safe and livable for tenants.

A housing voucher is a government-funded rental subsidy that helps low-income renters pay for housing in the private market by covering a portion of the…

A landlord is a person or company that owns a rental property and leases it to tenants in exchange for regular rent payments.

A lease agreement is a legally binding contract between a landlord and a tenant that sets the terms and conditions for renting a property.

A lease cosigner is a person who agrees to sign a rental lease alongside the primary tenant and takes on legal responsibility for the rent if the tenant…

A lease renewal is an agreement between a landlord and tenant to extend a rental lease for an additional period after the original lease term ends.

Median rent is the middle point of all rent prices in a given area, meaning half of rentals cost more and half cost less than that number.

A month-to-month lease is a rental agreement that renews automatically every 30 days instead of locking both parties into a fixed term like a full year.

Net rent is the base cost of renting a unit before any additional fees or charges are added on top.

Prorated rent is the portion of a monthly rent payment adjusted to cover only the days a renter actually occupies a unit, rather than a full calendar mo…

Quiet enjoyment is a renter’s legal right to use and occupy their home without interference from the landlord or anyone acting on the landlord’s behalf.

Rent burden is a measure of how much of a renter’s income goes toward paying rent each month.

Rent control is a local or state policy that limits how much a landlord can raise a renter’s rent, typically over the course of a year.

A rent increase notice is a written document a landlord sends to a tenant explaining that the rent will go up by a specific amount on a future date.

Rent stabilization is a local or state policy that limits how much a landlord can increase a tenant’s rent each year.

A rent-to-income ratio is a simple calculation that shows what percentage of a renter’s gross monthly income goes toward paying rent.

Renter’s insurance is a type of policy that protects a tenant’s personal belongings and provides liability coverage in case of accidents, theft, or cert…

Section 8 is a federal rental assistance program that helps low-income renters pay for housing in the private market by covering a portion of their mont…

A security deposit is money a renter pays to a landlord before moving in, held as financial protection in case the renter causes damage or fails to pay…

A security deposit return is the process by which a landlord gives back all or part of a renter’s security deposit after they move out of a rental unit.

Subletting is when a renter who already has a lease agreement rents out their home, or a portion of it, to another person called a subletter or subtenant.

Tenant rights are the legal protections and entitlements that renters have under federal, state, and local law when renting a home or apartment.

A vacancy rate is the percentage of rental units in a given area that are currently empty and available to rent.