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Rental/ Lease Agreement Template
Clarita Harbison edited this page 2 days ago
Washington D.C.
West Virginia
Wisconsin
Wyoming
By Type (15 )
Standard Lease
1-Page
Commercial
Condominium
Equipment
Relative
Hunting (Land)
Month-to-Month
Parking Space
Rent-to-Own
Roommate
Storage Space
Sublease
Vacation (short-term)
Weekly
The Leasing Process (8 steps)
Housing Statistics
- 33.6% of U.S. homes are occupants (44 million). [1] [2]- 68.2% of leases are fixed-term. [3]- 31.8% of leases are month-to-month.
- 30% of an occupant's earnings (usually) is invested in lease. [4]
1. Tenant Views the Space
The renter's primary step in the leasing process is viewing the area. This is typically after viewing photos of the residential or commercial property on a website where it was noted.
Renting Trends (2023 )
91% of renters use a site or mobile app when searching, and 19% make an application for housing without requiring an in-person tour. [5]
2. Obtain a Rental Application
Before an offer is accepted, the proprietor normally demands a tenant to finish a rental application and pay a small cost (view maximum costs by state). The most common fee was $50 in 2023. [6]
Applicant Details
- Applicant's name & address - Employment information
- Income confirmation
- Previous property owners
(to run a credit check)
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3. Screen the Applicant
Use the rental application to run a customer report. This consists of running a credit report and browsing public records (eviction search, background check, etc).
Recommended Services
- Limited ($ 21) - RentPrep.com - Detailed ($ 40) - MySmartMove.com
4. Verify References
The candidate's employer and previous proprietors need to be gotten in touch with. This uses insight into the candidate's character and if they pay their lease on time.
Questions to Ask a Previous Landlord
- Was lease paid on time throughout the occupancy? - Did the tenant violate the lease?
- What was the reason for leaving the residential or commercial property?
- Was there damage made on the residential or commercial property?
- Would you re-rent to the tenant again?
5. Negotiate the Lease
Once a tenant is approved, the celebrations will start negotiating the rental terms. If the occupant is a creditworthy individual, they may be able to get a better deal due to their financial status.
Negotiation Items
- Monthly lease ($). - Down payment.
- Utilities.
- Fees (e.g., parking, family pets, garbage, etc)
6. Lease Signing
When both parties sign the lease it becomes lawfully binding till the end of its term. The most typical ways to sign are in-person or electronically.
Required at Lease Signing
- First month's lease. - Security deposit.
- Identification
7. Taking Occupancy
After signing the lease and making preliminary payments, the occupant needs to be offered access to the residential or commercial property at the start of the lease term. Generally, an occupant can not move into the residential or commercial property unless they have made an extra payment.
Inspecting the Residential or commercial property
To secure the security deposit, it is suggested that the tenant finish a move-in inspection form and keep in mind any existing residential or commercial property damage. In 2023, only 42% of renters stated they got totally reimbursed on their security deposit. [7]
8. End of Tenancy
The property manager will inform the renter of their intention to renew or terminate the lease in between 30 and 90 days before completion of the tenancy. If the proprietor terminates the lease, the tenant's down payment will be returned after move-out.
Landlord's Options
Renew the Lease - By sending a Lease Extension. Terminate the Lease - By sending a Non-Renewal Lease Letter. Landlord-Tenant Laws
Security Deposit Laws. Expand Collapse. State Maximum ($). Returning. Statute. Alabama 1 month's lease 60 days after the termination date and delivery of belongings § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' rent, other than for units renting for more than $2,000 14 days if the renter leaves on-time, thirty days if not § 34.03.070( a), § 34.03.070( g). Arizona 1.5 months' rent 14 days from move-out examination (excl. weekends and holidays) § 33-1321. Arkansas 2 months' lease 60 days from termination of occupancy § 18-16-304, § 18-16-305. California 1 month's rent 21 days from the move-out date 1950.5. Colorado 2 months' lease (omitting pet deposits) 1 month if mentioned in the lease, 2 months if not C.R.S. § 38-12-102.5
§ 38-12-103. Connecticut 1 month's lease is 62 years or older, 2 months' rent if more youthful 21 days from the move-out date or 15 days from receiving the occupant's new address § 47a-21. Delaware 1 month's lease for leases of one year or more. No limitation on all others types 20 days from the termination date Title 25 § 5514. Florida No limitation thirty days if deductions, 15 days if no deductions § 83.49( 3 )( a). Georgia 2 months' rent one month from the termination date § 44-7-30.1
§ 44-7-34. Hawaii 1 month's lease (leaving out family pet cost) 14 days from the termination date § 521-44. Idaho No limit thirty days if specified in the lease, 21 days if not § 6-321. Illinois No limit 30 days if deductions, 45 days if no reductions 765 ILCS 710. Indiana No limitation 45 days from the termination date § 32-31-3-12. Iowa 2 months' lease 1 month after the tenant has actually left § 562A.12. Kansas 1 month's lease (unfurnished), 1.5 months' rent (provided) 14 days after making reductions or one month from the termination date § 58-2550. Kentucky No limitation 60 days from the lease termination date § 383.580( 6 ). Louisiana No limit 1 month from the termination date Revised Statute 9:3251. Maine 2 months' lease 30 days if the lease is fixed-period, 21 days if tenancy-at-will § 6032, § 6033. Maryland 1 month's lease 45 days from the termination date § 8-203. Massachusetts 1 month's lease thirty days after the tenant has actually left Chapter 186, Section 15B. Michigan 1.5 months' lease 1 month from completion of tenancy § 554.602, § 554.609. Minnesota No limitation 3 weeks from the termination date § 504B.178. Mississippi No limit 45 days from completion of occupancy § 89-8-21. Missouri 2 months' lease thirty days from the termination of occupancy § 535.300. Montana No limitation one month if deductions, 10 days if no reductions § 70-25-202. Nebraska 1 month's lease (excluding pet charge) 14 days of move-out § 76-1416. Nevada 3 months' rent thirty days from completion of tenancy NRS 118A.242. New Hampshire 1 month's rent or $100, whichever is greater one month, 20 days if the residential or commercial property is shown the proprietor RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' lease thirty days from the termination date § 46:8 -21.2, § 46:8 -21.1. New Mexico 1 month's rent for leases under one year. No limitation for residential leases of one year or more thirty days from the termination date § 47-8-18. New york city 1 month's lease unless the deposit or advance is for a seasonal use residence unit 2 week after the tenant has left Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for tenancies of more than 2 months