What do they mean when they say ____?

If you’re searching for a place to live off-campus you’ve probably heard the property managers use terms that make you nod, even though you have no idea what’s going on (like calculus for most people, you just pretend to know what’s going on and hope you figure it out along the way). Here’s a post to help you figure out and understand the terms used in the rental industry.

Different Types of Rentals: 

  • University of Kentucky Options:
    • University Flats
      • 2 and 4 Bedroom Units ran by the University and located on campus
      • Different entrances for graduate and undergraduate students
    • Graduate options:
      • University Flats: Apartment Style
      • 625 South Limestone
      • 633 Maxwelton Court
      • Commonwealth Village
      • Shawnee town
      • Greg Page Stadium View
  • Apartment Complex Units:
    • An apartment is rented out by rooms within a complex of apartments
    • Includes mostly three and four bedroom units
    • Individual leases, each roommate is only responsible for their share of the rent
      • Examples of this type of rental are: Newtown Crossing, The Lex, The Wyatt, Limestone Square
  • Single Unit Rental:
    • Property Management Owned
      • Unit owned by a company or single entity instead of an independent owner
      • Examples: Cowgirl Properties (Belmont Run & Reserve at Merrick),
    • Independently Owned
      • Owned by a single landlord that rents it out to tenants
  • House Rental:
    • An entire house that can be rented out to one or more tenants
      • Examples: Kampus Properties

These are just a few examples, for more properties please look at our housing locator site: http://offcampushousing.uky.edu 

Rental Terminology: 

  • Unfurnished vs. Furnished
    • Unfurnished: Does not come with furniture like couches, beds, etc.
    • Furnished: This usually means that the unit will have necessary furniture like couches, beds, tables, etc, but they do not decorate it.
      • ***Most properties show you a unit that is fully furnished with decorations and living materials to help you understand and visualize the space, keep in mind that is not what you unit will look like off the bat.
  • Lease
    • An individual or group pays regular parent in return for living in a space for a specified period of time. 
    • Individual:
      • Each tenant pays their own payment and signs their own lease
      • Ensures you are not responsible if your roommate does not have money for rent
    • Group:
      • All tenants are on the same lease and make the payment together
        • If one roommate is behind on rent, or doesn’t have it, the other roommates are responsible for making sure that all of rent is there at the end of the month
  • Security Deposit
    • Payment to landlord that may or may not be used to pay for damages or unpaid rent over time.
      • Usually returned in full as long as rent is paid and no damage has occurred to the property.
  • Renter’s Insurance
    • Provides coverage for tenant’s belongs and liabilities in case of an emergency like a flood, fire, etc.
  • Utilities
    • May or may not be included in monthly rent
    • May include gas, water, electricity, trash removal, cable connection for TV, and high speed internet
      • Sometimes these things may be separate or partially covered such as: electricity payable to ___, TV and internet paid to Time Warner, or other companies and you need to check which company to pay and when
  • Sublease
    • When someone takes over your lease part-way through
      • Usually, the first and original tenant still governs the lease
    • Often utilized when students study abroad, or if they have an internship outside of Lexington
  • Guarantor
    • Someone who provides security to a lease agreement
    • Often third party member who ensures tenant will pay rent on time/provide payment
    • Not uncommon for a young tenant to need a guarantor to sign a lease agreement to secure an apartment
  • Application Fee
    • A fee a potential tenant pays upon applying to sign a lease
    • Usually $50-$100
  • Eviction
    • An incident where the tenant has violated a rule or standard and is expelled from their living space and contract
  • Building Code
    • A set of rules that specify the standards of the living area in which the tenants must abide by
  • Renewal
    • When a lease is renewed, your original lease is extended
    • In most cases, companies offer deals or discounts to those who already live in the apartments to renew their contracts

 

Happy Apartment/House Hunting! If you have any other questions, please contact the community ambassadors!

 

UNIVERSITY OF KENTUCKY DISCLAIMER

The UK Office for Off-Campus Student Services provides off-campus housing information solely as a courtesy. It does not operate as a real estate or rental agency. Inclusion of any property or rental unit on this website does not constitute, and shall not be construed or reported as (1) an endorsement or approval by the University of Kentucky of the landlord, its properties, or its business practices, or (2) a warranty or representation by the University of Kentucky as to the quality, safety or other features of such property and/or its owners or management agent(s).
The University of Kentucky does not inspect, endorse or assume any responsibility for any properties, accommodations, or other housing options or websites; and expressly disclaims any and all responsibility for any problems that may arise in connection therewith, including, but not limited to, disputes between landlords and tenants concerning such property or rental units. All prospective tenants are encouraged to exercise their own good judgment (conduct a thorough investigation and inspection) when evaluating a prospective property, accommodation, other housing options or landlord, before making final arrangements.
With regard to the Housing Locator site, although the University does require properties to be inspected by Code Enforcement and the Fire Department before being allowed to post on this site, neither Off-Campus Student Services nor the University of Kentucky screens landlords, and such properties and rental units are not inspected or “approved” by the University of Kentucky or the employees of Off-Campus Student Services. The listing of accommodations does not constitute a recommendation of such facilities, nor is the accuracy of listings verified by Off-Campus Student Services or the University of Kentucky.
Off-Campus Student Services reserves the right, but does not have the obligation, to remove or edit any listing for any reason. All listers must be aware that their listed apartments are offered in accordance with all applicable University of Kentucky, city, state, and federal statutes and regulations governing equal opportunity and non-discriminatory access to housing. Off-Campus Student Services will not knowingly accept any listing which appears to violate these statutes and regulations. Any question regarding Off-Campus Student Services policies should be directed to (859) 218-3840.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s