Glossary

Inventory - a detailed list or summary of all items one has in his possession. May also be used to describe the process by which such information is obtained

Landlord - owner of a property that is being rented.

Professional Sharer - term used to describe the growing group of lessee. Composed primarily of working professionals, these individuals rent houses usually because they want to be near their places of work.

Sublet - when the tenant of a leased unit rents it out to someone else. The tenant pays the landlord rent, and the third party rents from the tenant at a higher price, thus giving the original tenant the chance to earn a small profit in the process.

Tenant - one who temporarily occupies a house/unit owned by another for a given period of time.

Tenancy Agreement - this is a legal document that binds a landlord and tenant to specific terms and conditions regarding the occupancy (either shared of sole) of a piece of property. The agreement contains information on rental rates, schedule of payment, and duration of tenure, among others.