Apartment leasing terms, decoded
Concessions, admin fees, proration and more: plain-English definitions for the words on your lease.
3 min read
Application fee
A non-refundable fee each adult pays to cover screening: credit, background and rental history checks.
Admin fee
A one-time fee some communities charge when you're approved, to process the lease. Not every property charges one.
Holding deposit
Money that takes a specific unit off the market while your application is reviewed. Ask whether it's refundable and whether it becomes your security deposit.
Security deposit
Held for the length of the lease to cover damage or unpaid rent, then returned minus any charges after you move out. Lower credit can mean a larger deposit.
Concession
Another word for a special: free weeks, a reduced month or waived fees offered to fill a vacant home.
Net effective rent
Your average monthly rent once a concession is spread across the whole lease. Useful for comparing two communities' deals.
Calculate net effective rentProrated rent
A partial first month's rent when you move in after the 1st, charged only for the days you live there.
Guarantor
Someone who agrees to cover the rent if you can't. Often used when income or credit falls short of a property's requirements.
Guest card
The form you fill out when you arrive for a tour. Listing your locator on it, and on your application, is how they get credit for your move-in.
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