The Rental Dictionary
If you think “studio apartment” means you’ll be hooked up with recording equipment for the performer in you or that “efficiency” is for those environmental types looking to conserve energy, then you need to read this article!
So what exactly is a…
Alcove: A small separate space in an apartment, which can house a kitchen or bedroom arrangement.
Apartment: A rented space in either a building, house or flat. Apartments are rented with a lease, a legal contract stating the terms of the rental.
Brownstone/Townhouse: A four to six story building often constructed during, or in the style of, 1800s to early 1900s housing. They can be single-family homes or divided into apartments.
Condominium: A space that is purchased in a building, including an apartment and a percentage of the common living space in the building.
Condominium Lease: Similar to a rental lease, except the apartment has a private owner instead of a managed one. These can have more negotiable lease terms as only one owner is involved.
Convertible: An apartment with an extra alcove or room that could be converted into a bedroom. This is great for someone needing an office or someone who needs a child’s room.
Co-operative (Also called co-op): A building owned by a cooperative apartment corporation. The corporation issues shares of its stock which are allocated to each apartment depending on the size and features. This means you don’t own the actual space but rather a share in the cooperation.
Duplex: Depending on the city, these can be a house divided into halves or a two-story apartment.
Elevator Buildings: Usually a six to twelve story building that uses an intercom or video surveillance system. They may or may not have a doorman and luxuries like an in-building gym or pool.
Furnished Unit: An apartment that comes fully equipped with furniture and amenities. These units may be available for either a short or long term lease.
Loft: A big, open space (often a former commercial building) that has been converted into an apartment. Because of their popularity, loft-style apartments are now being built from the ground up. Their high ceilings and large windows are ideal for those who like to throw parties or need lost of extra space.
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