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Standard Lease

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The Leasing Process (8 actions)

Housing Statistics

- 33.6% of U.S. families are renters (44 million). [1] [2]- 68.2% of leases are fixed-term. [3]- 31.8% of leases are month-to-month.

• 30% of a renter's income (on average) is invested in rent. [4]
  1. Tenant Views the Space
  
  The occupant's primary step in the leasing process is seeing the space. This is frequently after viewing photos of the residential or commercial property on a site where it was noted.
  
  Renting Trends (2023 )
  
  91% of renters use a website or mobile app when searching, and 19% make an application for housing without needing an in-person trip. [5]
  2. Obtain a Rental Application
  
  Before a deal is accepted, the landlord usually requests a tenant to finish a rental application and pay a small cost (view maximum fees by state). The most typical charge was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment information
• Income verification
• Previous landlords
• Consent (to run a credit check)
  
  3. Screen the Applicant
  
  Use the rental application to run a customer report. This includes running a credit report and searching public records (expulsion search, background check, and so on).
  
  Recommended Services
  
  - Limited ($ 21) - RentPrep.com
• Detailed ($ 40) - MySmartMove.com
  
  4. Verify References
  
  The applicant's employer and previous property managers should be contacted. This uses insight into the candidate's character and if they pay their rent on time.
  
  Questions to Ask a Previous Landlord
  
  - Was rent paid on time during the tenancy?
• Did the renter breach the lease?
• What was the factor for leaving the residential or commercial property?
• Was there damage made on the residential or commercial property?
• Would you re-rent to the occupant again?
  
  5. Negotiate the Lease
  
  Once a renter is approved, the celebrations will start negotiating the rental terms. If the occupant is a creditworthy individual, they may have the ability to get a better offer due to their monetary status.
  
  Negotiation Items
  
  - Monthly rent ($).
• Security deposit. - Utilities.
• Fees (e.g., parking, animals, garbage, and so on)
  
  6. Lease Signing
  
  When both celebrations sign the lease it becomes legally binding till completion of its term. The most common methods to sign are in-person or digitally.
  
  Required at Lease Signing
  
  - First month's lease.
• Down payment.
• Identification
  
  7. Taking Occupancy
  
  After signing the lease and making preliminary payments, the occupant ought to be offered access to the residential or commercial property at the start of the lease term. Generally, a renter can not move into the residential or commercial property unless they have actually made an extra payment.
  
  Inspecting the Residential or commercial property
  
  To secure the security deposit, it is suggested that the tenant complete a move-in evaluation form and note any existing residential or commercial property damage. In 2023, only 42% of tenants said they got totally refunded on their down payment. [7]
  8. End of Tenancy
  
  The property manager will inform the occupant of their intention to restore or end the lease in between 30 and 90 days before completion of the tenancy. If the property owner terminates the lease, the tenant's security deposit 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
  
  Down Payment Laws. Expand Collapse. State Maximum ($). Returning. Statute. Alabama 1 month's rent 60 days after the termination date and delivery of belongings § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' lease, except for units renting for more than $2,000 14 days if the renter leaves on-time, 30 days if not § 34.03.070( a), § 34.03.070( g). Arizona 1.5 months' lease 2 week from move-out inspection (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 (excluding animal 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 younger 21 days from the move-out date or 15 days from getting the tenant's new address § 47a-21. Delaware 1 month's lease 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 reductions, 15 days if no reductions § 83.49( 3 )( a). Georgia 2 months' lease 30 days from the termination date § 44-7-30.1
  
  § 44-7-34. Hawaii 1 month's rent (omitting animal fee) 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 limitation thirty days 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 1 month after the occupant has actually vacated § 562A.12. Kansas 1 month's lease (unfurnished), 1.5 months' rent (supplied) 14 days after making reductions or 1 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' 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 thirty days after the tenant has abandoned Chapter 186, Section 15B. Michigan 1.5 months' lease 1 month from the end of occupancy § 554.602, § 554.609. Minnesota No limitation 3 weeks from the termination date § 504B.178. Mississippi No limitation 45 days from completion of tenancy § 89-8-21. Missouri 2 months' rent 30 days from the termination of tenancy § 535.300. Montana No limit thirty days if deductions, 10 days if no deductions § 70-25-202. Nebraska 1 month's lease (omitting pet charge) 14 days of move-out § 76-1416. Nevada 3 months' rent one month from the end 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 property owner RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' rent 1 month from the termination date § 46:8 -21.2, § 46:8 -21.1. New Mexico 1 month's rent for leases under one year. No limit 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 renter has actually left Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for tenancies of more than 2 months