--- title: "Renter Glossary: 40 Apartment Terms Explained" description: "Forty renting terms in plain English, from net effective rent and weeks free to unit holds, the 3x income rule, the Red Line and ZIP code 78752." url: https://centro.multisites.ai/glossary publisher: Centro Studio Homes phone: +17373178369 tour: https://centro.multisites.ai/scheduletour --- # Renter glossary Forty terms you will meet while renting a studio in Austin. ## Community [Bike storage](https://centro.multisites.ai/glossary/bike-storage) A place at the property to keep a bike off the street and out of your home. Setups vary: racks, rooms or cages. [Cowork space](https://centro.multisites.ai/glossary/cowork-space) A shared work room in an apartment community. Residents use it to work or study outside their home. [Fitness center](https://centro.multisites.ai/glossary/fitness-center) An on-site gym for residents. It usually has cardio machines and weights, and no separate membership. [Resort-style pool](https://centro.multisites.ai/glossary/resort-style-pool) A larger apartment pool with lounge space around it. The label is a marketing term, not a set size or standard. ## Getting around [Car-light living](https://centro.multisites.ai/glossary/car-light-living) Using foot, bike and transit for most trips and a car only when needed. It cuts parking, fuel and insurance costs. [Highland station](https://centro.multisites.ai/glossary/highland-station) The CapMetro Red Line rail stop in the Highland area, the fourth station north from Downtown on Route 550. [MetroRail Red Line](https://centro.multisites.ai/glossary/metrorail-red-line) CapMetro's commuter train, Route 550, running between downtown Austin and Leander with 10 stations, including Highland. ## Lease [Approval with conditions](https://centro.multisites.ai/glossary/approval-with-conditions) An approval that comes with a requirement, such as a higher deposit, because the application did not fully meet the standard. [Furnished apartment](https://centro.multisites.ai/glossary/furnished-apartment) A furnished apartment comes with furniture, such as a bed and couch. Centro lists Furnished Short Term Rentals at $1,954 per month. [Lease term](https://centro.multisites.ai/glossary/lease-term) A lease term is the number of months your lease runs. The price often changes with it. [Month-to-month lease](https://centro.multisites.ai/glossary/month-to-month-lease) A month-to-month lease renews each month with no fixed end date. Either side usually gives notice to end it. Centro has not published this option. [Rent quote](https://centro.multisites.ai/glossary/rent-quote) A rent quote is a written price offer for a home. Centro honors a quote for 2 business days. [Rental application](https://centro.multisites.ai/glossary/rental-application) The form, documents and fee you submit so a property can review you for a lease. It starts the screening process. [Screening](https://centro.multisites.ai/glossary/screening) The checks a property runs on an application, usually income, credit and rental history, before it approves a lease. [Short term rental](https://centro.multisites.ai/glossary/short-term-rental) A short term rental is a stay shorter than a standard lease. Centro lists Furnished Short Term Rentals at $1,954 per month. [Unit hold](https://centro.multisites.ai/glossary/unit-hold) A unit hold reserves a specific home for you while you finish the application steps. Centro holds units up to 14 days. ## Money [3x income rule](https://centro.multisites.ai/glossary/3x-income-rule) Many Austin landlords ask for gross monthly income of at least three times the monthly rent. It is a common screening rule, not a law. [Administrative fee](https://centro.multisites.ai/glossary/administrative-fee) An administrative fee is a charge paid at approval to cover lease paperwork. At Centro it is returned if you are denied. [Application fee](https://centro.multisites.ai/glossary/application-fee) An application fee pays for processing your rental application. At Centro it is $50 and non-refundable. [Move-in special](https://centro.multisites.ai/glossary/move-in-special) A move-in special is a discount for signing a lease, such as weeks of free rent. Offers change and often depend on the floor plan. [Net effective rent](https://centro.multisites.ai/glossary/net-effective-rent) Net effective rent is your total rent over the lease, after free rent, divided by the number of months. It shows the real monthly cost. [Pet deposit](https://centro.multisites.ai/glossary/pet-deposit) A pet deposit is money held for each pet to cover damage. Centro's pet deposit is $150, and the limit is two pets. [Pet fee](https://centro.multisites.ai/glossary/pet-fee) A pet fee is a one-time charge to bring a pet. Centro charges $250, for up to two pets. [Pet rent](https://centro.multisites.ai/glossary/pet-rent) Pet rent is a monthly charge added to your rent for each pet. Centro charges $25 a month per pet. [Pro-rated rent](https://centro.multisites.ai/glossary/pro-rated-rent) Rent charged for part of a month, such as when you move in mid-month. It is the monthly rent divided by days, times days you stay. [Rent to income ratio](https://centro.multisites.ai/glossary/rent-to-income-ratio) Rent as a share of gross monthly income. Thirty percent is the common benchmark for housing costs; above it, HUD calls a household cost burdened. [Security deposit](https://centro.multisites.ai/glossary/security-deposit) A security deposit is money you pay before move-in to cover damage or unpaid rent. Centro studio deposits start at $500. [Total monthly price](https://centro.multisites.ai/glossary/total-monthly-price) Total monthly price is base rent plus every required monthly charge. It can be higher than the starting price on a portal. [Weeks free](https://centro.multisites.ai/glossary/weeks-free) Weeks free means the property waives rent for a set number of weeks. It lowers what you pay over the whole lease. ## Place [ACC Highland](https://centro.multisites.ai/glossary/acc-highland) The Highland campus of Austin Community College, on the site of the former Highland Mall. Centro states it is 1/2 mile away. [Highland neighborhood](https://centro.multisites.ai/glossary/highland-neighborhood) A north-central Austin area around the ACC Highland campus, the former Highland Mall site, with The Linc and Airport Blvd nearby. [Mueller](https://centro.multisites.ai/glossary/mueller) A 700-acre master-planned community in central east Austin, built on the former Robert Mueller Municipal Airport site. [The Domain](https://centro.multisites.ai/glossary/the-domain) A north Austin district of shops, restaurants, offices, homes and hotels. A CapMetro connector bus serves it from Kramer station. [ZIP code 78752](https://centro.multisites.ai/glossary/zip-code-78752) The postal code for Centro's address, 824 Camino La Costa, Austin, TX 78752. It also covers the ACC Highland campus. ## The studio [Efficiency apartment](https://centro.multisites.ai/glossary/efficiency-apartment) An efficiency apartment is another name for a small studio. Landlords use the word in different ways, so always check the listing details. [Floor plan](https://centro.multisites.ai/glossary/floor-plan) A floor plan is the layout of a home. It shows room sizes, doors, windows and where the kitchen and bathroom sit. [Hard surface flooring](https://centro.multisites.ai/glossary/hard-surface-flooring) Any floor that is not carpet, such as vinyl plank, tile, laminate or wood. Landlords often use the term for floors made to look like wood. [Quartz countertop](https://centro.multisites.ai/glossary/quartz-countertop) A counter made of engineered stone: ground quartz bound with resin. Many kitchens and bathrooms use it as a hard, wipe-clean surface. [Square footage](https://centro.multisites.ai/glossary/square-footage) Square footage is the floor area of a home, measured in square feet. Centro does not publish it, so ask the leasing office. [Studio apartment](https://centro.multisites.ai/glossary/studio-apartment) A studio apartment puts the living, sleeping and kitchen areas in one room. The bathroom is a separate room with a door. ## Come see your studio. Tour in person or by live video. Book a time and we will show you the studios available now. [Book a tour](https://centro.multisites.ai/scheduletour) [(737) 317-8369](tel:+17373178369) Leasing office hours: Monday to Friday, 8:30 AM to 5:30 PM; Saturday, 10 AM to 4 PM; Sunday, closed.