Understand Your Lease: 6 Common Terms

apartments of wildewood understand your lease

Make sure you understand your lease and these six common terms.

Whether you are new to apartment renting or living independently, it’s essential to understand the common terms of a standard lease agreement. This knowledge lets you know what you agree to in your lease and what payments are expected during your stay in your new home. When you move into your new Apartments of Wildewood home or sign your new lease agreement, make sure you understand your lease. If you do not understand, ask any questions you have so you can feel confident in your decision. 

Security Deposit

One of the most common terms in a lease is “security deposit.” This is money paid upfront when you first move in, often one or two months’ rent. This deposit is there to cover any potential damages that may occur to your unit while you reside in the apartment. If no damages occur, you typically can receive your deposit back once you move out of the apartment. Your lease will outline the specifics required to obtain your deposit. 

Rent Payments

The lease agreement is where your monthly rental payments will be outlined. It will state the due date (typically the first of each month) and acceptable payment methods. Today, most apartment communities use online transfers or rental apps to make transferring rent payments more accessible than ever. However, some methods may call for transfer fees, so consider your options. 

Maintenance Responsibilities 

Standard lease agreements will outline the maintenance responsibilities of the resident and the landlord. Landlords, or apartment property managers, are typically responsible for major repairs. At the same time, renters are expected to maintain standard cleanliness and upkeep of the apartment’s features (such as regularly cleaning floors and appliances and using proper ventilation). 

Potential Late Fees

As you understand your lease, you will notice sections that outline potential late fees for overdue rent payments. Details like grace periods (if any), late fee amounts, and additional penalties should be outlined in your contract. 

Pets Policy

Many apartment communities, including the Apartments of Wildewood, allow pets but have requirements and potential restrictions that will impact your decisions. The lease will say whether pets are allowed and which restrictions exist on breed, size, or number of pets. If you have a pet, you may have a supplement to your lease specifying information about your pet and the monthly “pet rent.” You may also have to pay a pet deposit fee, akin to a security deposit dedicated to potential pet damage. 

Utilities Payments and Requirements 

When you understand your lease, you will also understand how the utilities work for your apartment. Which, if any, are included in your monthly rent? Do you have to establish outside accounts with utility companies? Which Internet companies are available for hookups in your building? Utilities typically include: 

  • Electricity 
  • Water
  • Trash 

One or more of these utilities may be included in your rent. However, utilities such as Internet or cable are not included and must be set up by the resident and their chosen Internet provider. Make sure you understand how and when to pay your utilities. 

After you understand your lease, you are ready to commit to your new apartment home. When you know these essential details, enjoying your new home can be an effortless experience.

Apartments Of Wildewood Have A Friendly Community That’s Waiting To Welcome You!

At The Apartments of Wildewood, located in beautiful St. Mary’s Maryland, we offer homes with access to pools, an on-site gym, and maintenance whenever you need it – and have access to all the information you need to affordably rent an apartment in St. Mary’s. To set up an appointment to check out an apartment or townhouse rental from The Apartments of Wildewood, call us at 301.737.0737 or visit the website at www.apartmentsofwildewood.com.

This entry was posted on Tuesday, April 2nd, 2024 at 5:05 pm . Both comments and pings are currently closed.

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