Renter's Glossary

Credit Report
A detailed account of your credit and repayment history reported by one of three major credit bureaus.

Eviction
The legal removal of a tenant from property for violating the lease.

Habitable
Housing that is fit to live in. Any rental property should be deemed habitable.

Landlord
A person or business who owns and leases property to others.

Lease
A contract that outlines the responsibilities of a tenant and landlord for a set period of time.

Month-to-Month Lease
A lease that is valid for one month and, unless specified by either party, is automatically renewed each month.

Pro-rate
To divide proportionally. If you move in or out of rental property during the middle of a month, the rent will be pro-rated for the days you actually occupy the property.

Renter's Insurance
Covers a tenant's stolen or damaged property caused by others or natural disasters.

Security Deposit
An initial payment given to the landlord to cover any unpaid rent or damages to the property at the end of a lease. Any money not used is refunded to the tenant.

Tenant
Someone who, with the owner's permission, has temporary and exclusive use of a building or part of a building in exchange for rent.