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Home Rental Glossary

Brownstone: A type of townhouse where the facade is made from sandstone.

(Broker) Fee Apartment: The broker fee is paid by the tenant at lease signing. This is a negotiable amount and is normally the equivalent of one month of rent.

(Broker) No Fee Apartment: The broker fee is paid for by the landlord.

Condominium: (Condo) An individually owned apartment with shared common space.

Co-Op: A condominium building owned by a single-asset corporation (the building). Instead of purchasing the condo, one purchases shares of the corporation. Renting a co-op oftentimes requires the approval of the co-op board.

Duplex: Two apartments in a single dwelling building spread over two floors connected by an indoor staircase.

Furnished Apartment: Move-in livable apartment with all the basic furniture needs provided, such as sofa, your kitchen table and chairs, your bed, a dresser and probably your basic household items.

Legal Rent: The maximum amount a landlord can charge for a rent stabilized apartment.

Loft: A large contiguous open space apartment often the result of a warehouse converted into an apartment.

Preferential Rent: For rent stabilized apartments where the market rent is lower than the legal rent. This is the actual rent you will be paying.

Prewar Building: Apartment buildings built before WW II.

Rent Controlled: This applies to tenants who have been living continuously in an apartment since July 1, 1971. This does not apply to new leases because when a rent controlled apartment becomes vacant it usually becomes rent stabilized.

Rent Stabilized: For apartment buildings constructed between February 1, 1947 and January 1,1974 and those built after 1974 with special tax benefits. Rent stabilization regulates the annual increase of the legal rent of an apartment. Legal rent is the maximum a landlord can legally charge however the market rate may be lower. Once the legal rent exceeds $2,000 and the unit is vacated the unit becomes deregulated.

Studio: Also known as an efficiency apartment, a studio is a residential unit where the bedroom, kitchen and living room share the same space.

Walkup: A residential building that does not have an elevator.

Townhouse: A type of house that shares a common wall with the neighboring buildings.