This will delete the page "Rental Lease Agreement Template". Please be certain.
Rental Lease Agreement Template
Gerardo Elias edited this page 1 month 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. households are renters (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 income (on average) is invested in rent. [4]
1. Tenant Views the Space
The renter's first action in the leasing process is viewing the area. This is commonly after seeing photos of the residential or commercial property on a website where it was noted.
Renting Trends (2023 )
91% of tenants utilize a website or mobile app when browsing, and 19% apply for housing without needing an in-person trip. [5]
2. Obtain a Rental Application
Before a deal is accepted, the property manager normally demands an occupant to finish a rental application and pay a little fee (view optimum charges by state). The most typical cost was $50 in 2023. [6]
Applicant Details
- Applicant's name & address - Employment details
- Income confirmation
- Previous property managers
- Consent (to run a credit check)
3. Screen the Applicant
Use the rental application to run a consumer report. This consists of running a credit report and searching public records (expulsion search, background check, etc).
Recommended Services
- Limited ($ 21) - RentPrep.com - Detailed ($ 40) - MySmartMove.com
4. Verify References
The candidate's employer and previous property managers should be called. This offers 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 tenancy? - Did the tenant break the lease?
- What was the factor for leaving the residential or commercial property?
- Existed damage made on the residential or commercial property?
- Would you re-rent to the renter once again?
5. Negotiate the Lease
Once a renter is approved, the parties will begin negotiating the rental terms. If the renter is a creditworthy individual, they may have the ability to get a much better offer due to their financial status.
Negotiation Items
- Monthly rent ($). - Security deposit.
- Utilities.
- Fees (e.g., parking, family pets, trash, etc)
6. Lease Signing
When both parties sign the lease it becomes lawfully binding till completion of its term. The most common methods to sign are in-person or electronically.
Required at Lease Signing
- First month's rent. - Down payment.
- Identification
7. Taking Occupancy
After signing the lease and making preliminary payments, the tenant needs to be admitted to the residential or commercial property at the start of the lease term. Generally, a renter can stagnate into the residential or commercial property unless they have actually made an additional payment.
Inspecting the Residential or commercial property
orlandosentinel.com
To safeguard the down payment, it is suggested that the occupant finish a move-in inspection kind and note any existing residential or commercial property damage. In 2023, only 42% of tenants stated they got completely refunded on their down payment. [7]
8. End of Tenancy
The landlord will inform the renter of their intent to renew or end the lease between 30 and 90 days before the end of the occupancy. If the proprietor terminates the lease, the tenant's security deposit will be returned after move-out.
Landlord's Options
Renew the Lease - By sending out a Lease Extension. Terminate the Lease - By sending a Non-Renewal Lease Letter. Landlord-Tenant Laws
Down Payment Laws. Expand Collapse. State Maximum ($). Returning. Statute. Alabama 1 month's rent 60 days after the termination date and shipment of belongings § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' lease, except for systems 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' lease 14 days from move-out assessment (excl. weekends and holidays) § 33-1321. Arkansas 2 months' rent 60 days from termination of tenancy § 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 animal deposits) 1 month if discussed 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 younger 21 days from the move-out date or 15 days from receiving the occupant's new address § 47a-21. Delaware 1 month's rent for leases of one year or more. No limit on all others types 20 days from the termination date Title 25 § 5514. Florida No limit 30 days if deductions, 15 days if no deductions § 83.49( 3 )( a). Georgia 2 months' rent thirty days from the termination date § 44-7-30.1
§ 44-7-34. Hawaii 1 month's rent (leaving out pet fee) 2 week from the termination date § 521-44. Idaho No limitation thirty days if stated in the lease, 21 days if not § 6-321. Illinois No limit 1 month if reductions, 45 days if no deductions 765 ILCS 710. Indiana No limitation 45 days from the termination date § 32-31-3-12. Iowa 2 months' lease thirty days after the occupant has left § 562A.12. Kansas 1 month's rent (unfurnished), 1.5 months' lease (supplied) 14 days after making deductions or 1 month from the termination date § 58-2550. Kentucky No limit 60 days from the lease termination date § 383.580( 6 ). Louisiana No limitation 1 month from the termination date Revised Statute 9:3251. Maine 2 months' rent 1 month 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 rent 30 days after the renter has actually vacated Chapter 186, Section 15B. Michigan 1.5 months' rent thirty days from the end of occupancy § 554.602, § 554.609. Minnesota No limitation 3 weeks from the termination date § 504B.178. Mississippi No limit 45 days from the end of tenancy § 89-8-21. Missouri 2 months' rent one month from the termination of tenancy § 535.300. Montana No limitation thirty days if reductions, 10 days if no reductions § 70-25-202. Nebraska 1 month's lease (leaving out animal charge) 2 week of move-out § 76-1416. Nevada 3 months' lease one month from completion of occupancy NRS 118A.242. New Hampshire 1 month's lease or $100, whichever is greater thirty days, 20 days if the residential or commercial property is shown the property manager RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' lease 1 month from the termination date § 46:8 -21.2, § 46:8 -21.1. New Mexico 1 month's lease for leases under one year. No limit for domestic leases of one year or more one month from the termination date § 47-8-18. New York 1 month's rent unless the deposit or advance is for a seasonal usage dwelling unit 14 days after the renter has left Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for tenancies of more than 2 months
Delete Page