First, let us review the definition of words used interchangeably in the housing market. The use of the following words in documents can be confusing if you are not familiar with them:
1) Landlord, Owner, and Lessor– The person who owns the property that is being rented by a person(s).
2) Tenancy, Renting, and Leasing – The act of possessing or occupying a property owned by another person in exchange for money (rent) via an agreement (rental lease).
3) Tenant, Renter, Lessee, and Leaseholder— The person(s) who possess a landlord's property for a specified period, cost, and other terms stated in a written document called a lease. A lease can also be oral but not recommended.
4) Apartment, Rental, Dwelling, Unit, and Dwelling Unit – A residence (home) that a person (tenant) rents from the owner (landlord).
5) Rent and Monthly Payment - The amount a tenant agrees to pay to possess the landlord’s property (apartment, rental, dwelling or unit). The agreement can be written or oral. A written agreement (rental lease) is highly recommended.
Also, the Property Manager is not the property owner but works for or on behalf of the property owner. Now that you know these commonly used words and synonyms, you are better prepared to ask, review, and discuss your housing concerns.