Rentals Jargon

• Alarm System: Most alarm systems sound an alarm and notify the concierge when activated.

• Application Form: A form you'll have to fill out in order to apply for an apartment.

• Bathrooms: Standard bathrooms are generally finished with tile, and include a toilet, sink, bathtub/shower and medicine cabinet. More luxurious bathrooms are usually finished in marble and/or have a whirlpool.

• Brokers: Finding homes for clients is specifically the business of real estate brokers. Rental brokers in NYC normally charge 15% of the annual rent for their services. A landlord can appoint one specific broker to exclusively rent apartments in a building.

• Bicycle Room: Separate area for bicycle storage.

• Children's Playroom: Separate room designed for children, equipped with toys and games. Many are also available for children's parties.

• Common Area: The area in a building that is shared by all of the tenants/owners of the building. This could include the lobby, a common courtyard or roof garden or the hallways.

• Concierge: A concierge is an individual who sits inside the building lobby and acts as a clerk as well as a security person for the comings and goings in a building lobby. A concierge is not situated at the door and does not open the door for tenants. The concierge's duties can include accepting packages, informing tenants of visitors, etc.

• Convertible: Refers to a situation when a large one or two bedroom contains a Dining-L which could be converted into another bedroom with the construction of a wall. In order to be transformed into a legal bedroom, these L-shaped areas need to contain a window.

• Credit Report: A good credit history of the tenant is required by all landlords. Some landlords required processing fee and credit check fees.

• Doorman: Provided added security and luxury to the building. Usually it's a 24-hour doorman services.

• Double-Pane Windows: These windows are designed to eliminate noise and conserve electricity.

• Driveway: Offers safety and easy access to the building entrance by automobile.

• EIK: eat-in-kitchen.

• Exposed Brick: Adds character and charm. Usually found in prewar buildings.

• Fireplace: A rare luxury considered to add character and charm. Usually found in prewar buildings.

• Furnished/Short-term: Apartments are furnished and/or are available for less than one year.

• Garage: In-house parking for cars. Parking is always an additional charge. Expect to pay from $250 to $500 per month. Amount varies based on location and type of car. Luxury cars are more expensive to park. NYC parking tax is 18.25%. Registered residents of NYC can apply for an 8% tax exemption.

• Guarantor: If you don't have adequate credit or do not meet the income requirement , a guarantor will probably be needed. Most landlords accept guarantors. A guarantor signs the lease, becoming responsible for the apartment and payment of rent, in the event that the tenant defaults. The guarantor must meet all income, application and credit requirements to be eligible. Guarantors are normally accepted to earn 60 to 100 times the monthly rent as an annual income and reside in the United States. Some landlords limit guarantors to those that live or have business address in New York or the "Tri-State" area (New-York, New Jersey or Connecticut).

• Half-Bath: Refers to a bathroom with no bath or shower. A half-bath is also commonly referred to as a powder room.

• Health Club: Exercise facilities with weight training equipment. Many include aerobics, saunas, steam rooms, etc. Usually additional fee is required.

• High Ceilings: Ceilings with a height of nine feet or more. Most pre-war apartments and many of the newer, more expensive condominiums have high ceilings as do loft spaces.

• Kitchen: Standard kitchen are equipped with a sink, stove, refrigerator/freezer and storage space. Additional appliances (dishwasher, microwave, ice-maker, instant hot water) and/or state-of-the-art appliances are included in more luxurious apartments.

• Landlord: A landlord can be an individual owner or a company who own a rental building or a complex of rental buildings. The landlord is responsible for: the safety of the building, adequate heat, well-maintained plumbing and electricity for the entire building.

• Laundry: Most buildings have a separate room with washing machines and dryers on a particular floor. It is a luxury to have one on every floor.

• Lease: A lease is an agreement between you and your landlord. The landlord is responsible with providing you with a safe, clean home. You, as a tenant, are responsible for paying the rent each month and for keeping the property in the same, original condition. The lease is a standard document, except for the last page, where there may be a list of "clauses", or additions. By signing the lease you are responsible for adhering to all of its parts.

• Management Companies: Management companies are commonly responsible for leasing vacant apartments. Many buildings are managed by the same company that built and/or owns them. Some management companies have separate brokerage divisions or recruit the services of an outside broker to rent vacant apartments.

• Pet Policy: Each building has a pet policy particular to that building. This can vary from a strict no pet policy to a more liberal pet policy in which tenant or owner can harbor as many pets as he/she desires. Some particularisms to different pet policies may includes the following: No dogs, weight limits on dogs, no pets on sublets, board interviews of pets or pets by written permission of the board.

• Pool: Few buildings have the luxury of a pool. Usually additional fee is required.

• Private Garden: Landscaped area for tenants.

• Recreation Room: Private room for tenants, often available for private parties or business function.

• Rent Control: Rent Control is a much-misused term and has a specific legal meaning. Rent Control was started during the early World War II era when there was a great housing shortage in the city and landlords were raising rents to extreme highs and throwing tenants out on the street with little notice. The Rent Control laws were developed to protect tenants from unscrupulous landlords. The rent-controlled apartments that remain are a holdover from residents who have been living in the same apartment since before July 1, 1971. That means that control applies to many older residents in New York City, but probably not to you. If and when these apartments become available (usually because the tenant passes away), they are renovated and rents are raised to fair market value.

• Rent Stabilized: Rent Stabilization is a body of regulations that apply to any rental building with multiple apartments built between February 1947 and January 1974. The Rent Stabilization guidelines limit the percentage that a landlord can raise the rent with each lease renewal. The percentage varies from year to year and is decided by the Rent Guidelines Board. The increase is put into effect by landlords each year in October. The landlord is also entitled to increase the rent a certain percentage when a tenant vacates an apartment and when renovations and improvements are made. Tenants in rent-stabilized apartments must be offered either a one- or two-year lease and have an automatic right to renew their leases indefinitely. An apartment is legally allowed to be destabilized (removed from the Rent Stabilization) when it is vacated and reaches a rent of $2,000. If you're lucky enough to find a rent-stabilized apartment, grab it!

• Security Deposit: A security deposit is given to the landlord by the time you sign the lease. The sum is equal to one month's rent, and it can be larger if the landlord is not completely satisfied from your documents, such as credit rating. The security deposit will be deposited in an interest bearing account and finally returned to you, when you vacate the property,and provided there is no damage to the apartment.

• Shares: People sharing an apartment. Two people is often acceptable. More than two is usually discouraged but may be accepted in larger units. roomates divide apartments to create additional living spaces, but many landlords restrict structural changes or permanent fixtures.

• Sublease Agreement: A contract between you, as the new tenant, and the current tenant who originally leased the apartment.

• Sublet/Sublease: Means that you have to take over someone else's lease (depends on how much time is left for the lease).

• Sun-deck: Common area for tenants. Many are rooftop sun-decks with spectacular panoramic views.

• Storage Space: Space available for trunks, suitcases or small items, all within fire codes and regulations.

• Terrace: Private outdoor space connected to your home.

• Valet Services: Dry cleaning, laundry, maid services, shoe repair, etc.

• Video Security: Added security in common areas of the buildings (elevator, laundry rooms, etc.) providing constant visual contact for building attendants.

• Washer/Dryer: It is a rare luxury to have laundry facilities in an apartment.