Apartment complexes glossary

Short, plain-English definitions of the terms you'll meet when choosing a apartment complex provider in Greater San Antonio.

What is a Class A, B, C apartment rating?: Class A, B, and C ratings classify apartment buildings based on age, physical condition, and amenity offerings, with Class A representing newest construction and best-maintained properties, Class B representing mid-tier properties, and Class C representing older buildings with basic amenities.
What is a concession in apartment leasing?: A concession is a financial incentive or credit offered by an apartment complex to prospective or current tenants to encourage leasing, typically in the form of free rent months, waived application or administrative fees, or monetary credits.
What is a guarantor on a lease?: A guarantor is a person who co-signs a lease agreement and becomes legally responsible for paying rent if the tenant defaults on payments.
What is a housing choice voucher?: A housing choice voucher is a federal rent subsidy that allows eligible low-income tenants to lease private apartments while paying a reduced portion of rent, with the government covering the difference at participating properties.
What is a lease renewal increase?: A lease renewal increase is the amount a landlord or property manager raises the rent when a tenant's existing lease term ends and the parties agree to continue occupancy under a new lease agreement.
What is a month-to-month lease?: A month-to-month lease is a rental agreement that converts to automatic monthly renewal after an initial lease term ends, usually charged at a premium rate above the original term rent.
What is a move-in special?: A move-in special is a limited-time promotional offer from an apartment complex that reduces a tenant's upfront costs or rental rate, such as waiving a deposit, offering free weeks of rent, or discounting the first month.
What is a property management company?: A property management company operates an apartment complex on behalf of an owner or REIT, handling tenant relations, maintenance, rent collection, and regulatory compliance.
What is a REIT-owned apartment?: A REIT-owned apartment is a unit in a complex managed and owned by a real estate investment trust (REIT), a publicly traded or private company that pools investor capital to hold rental properties, rather than by a private landlord or local owner.
What is a security deposit?: A security deposit is money a tenant pays upfront to a landlord, held to cover unpaid rent or damage to the rental unit, with the balance returned under Texas law within 30 days of move-out.
What is a unit turn?: A unit turn is the process of cleaning, repairing, and preparing an apartment for the next tenant after a lease ends.
What is a utility allowance?: A utility allowance is the estimated monthly cost of utilities (electricity, water, gas, trash) that subsidized housing programs deduct from the rent to determine what a tenant actually pays.
What is an amenity fee?: An amenity fee is a recurring monthly charge, separate from base rent, that residents pay for access to shared facilities such as pools, fitness centers, and community spaces in an apartment complex.
What is an application fee?: An application fee is a nonrefundable charge that apartment complexes collect from prospective tenants to cover the cost of processing rental applications, including credit checks, background verification, and other screening procedures.
What is area median income (AMI)?: Area median income (AMI) is the midpoint income level for a metropolitan area, used by housing programs to set rent limits and determine tenant eligibility for affordable housing.
What is base rent?: Base rent is the fixed monthly payment a tenant owes to an apartment complex owner for the right to occupy a unit, excluding utilities, fees, and other additional charges.
What is bed-bath parity?: Bed-bath parity is a floor plan layout where the number of bedrooms equals the number of bathrooms, typically found in multi-occupant rental units.
What is breed restriction?: Breed restriction is a policy that prohibits residents from keeping dogs of specific breeds or breed mixes, typically enforced by apartment complexes and their insurance carriers.
What is effective rent?: Effective rent is the actual average monthly rent cost after subtracting the value of lease concessions such as free months, free parking, or other move-in incentives from the face rent amount.
What is income restriction (LIHTC)?: Income restriction under LIHTC is a federal requirement that tenants earn no more than a specified percentage of the San Antonio area median income to qualify for rent-restricted units.
What is joint and several liability?: Joint and several liability is a lease clause that makes each tenant individually responsible for paying the entire rent, not just their share, if other roommates fail to pay.
What is make-ready status?: Make-ready refers to an apartment unit that has been completely turned, inspected, and prepared for a new resident to move in immediately.
What is pet deposit vs pet rent?: A pet deposit is a one-time refundable charge paid upfront when you move in, while pet rent is a monthly fee charged for keeping a pet in the unit during your lease term.
What is RUBS (ratio utility billing system)?: RUBS is a billing method that divides master-metered utility costs among apartment units using a proportional formula rather than individual meters for each unit.