10 rental terms you need to know
The real estate rental market comes with its fair share of terminology and regardless of whether you’re a renter or rental owner, it’s a great idea to get across exactly what all these terms mean.
With that in mind, here’s a quick glossary of 10 rental terms you need to know.
Arrears
Arrears means you’ve fallen behind on something, and in this case it refers to rent. If you are in rental arrears, it means you owe money to the property owner, and it’s important you remedy it as quickly as possible or risk being in breach of your agreement.
Bond
The bond is akin to a security deposit that you pay when you first sign the agreement to rent the property.
Usually equivalent to two or four weeks rent, the bond is held in trust and will be returned to you at the end of the agreement provided you have paid all rent and there is no damage to the property.
Breach
Breach refers to a breach of the rental agreement, and basically it means that you failed to honour the terms of that legally binding document.
If that’s the case, you might be issued a breach notice, which you will need to address and remedy.
Breaches relate to things like overdue or unpaid rent, people or pets residing at the property who aren’t listed on the agreement, damage to the property, or illegal activities.
Fair wear and tear
Regardless of how well you might look after your rental, properties age over time. This natural aging and deterioration of the home is known as fair wear and tear.
While a renter may be liable for deliberate or negligent damage to a property they are not responsible for fair wear and tear, and when you leave the property at the end of the agreement this fair wear and tear needs to be taken into account.
Notice
Notice is basically correspondence about something, and during a rental term there will be lots of occasions where the property manager or owner provides notice that something is set to occur. For example, you will receive written notice prior to:
- Routine inspections
- Repairs and maintenance
- Property valuations
- And more.
In fact, it’s a legal requirement that renters are provided with notice prior to the property owner or their representative attending the property.
Meanwhile, you might also receive a notice to vacate in the case the rental agreement is not to be renewed, and receive a notice to remedy a breach if you haven’t met a specific condition in the agreement.
Quiet enjoyment
Every renter has the right to quiet enjoyment of the property. This means you have the right to go about your daily business in peace and privacy without undue interference by the property manager, property owner or their representative.
Meanwhile quiet enjoyment also comes with the obligation that you don’t disturb your neighbours or conduct illegal activities at the property.
Rent in advance
At the beginning of a rental agreement you will be asked to pay two weeks rent in advance. You are then required to remain two weeks in advance throughout the rental term.
This ensures you don’t fall behind on your rental payments.
Repairs and maintenance
Every now and then a rental property will require a repair or routine maintenance.
As a renter, it’s your obligation to report any required repairs, while the property manager or owner must give sufficient notice that someone is going to attend the property to complete the work.
Routine inspection
Routine inspections ensure the property is looked after and remains in good condition.
Conducted by the property manager, routine inspections generally occur about every three months and a maximum of four times a year.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
