1
Rental/ Lease Agreement Template
Betsey Firkins edited this page 3 weeks ago
Washington D.C.
West Virginia
Wisconsin
Wyoming
By Type (15 )
led-sign.de
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. 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 an occupant's income (on average) is invested in lease. [4]
1. Tenant Views the Space
The renter's very first action in the leasing process is seeing the area. This is commonly after seeing images of the residential or commercial property on a website where it was noted.
Renting Trends (2023 )
91% of renters utilize a website or mobile app when searching, and 19% look for housing without needing an in-person tour. [5]
2. Obtain a Rental Application
Before a deal is accepted, the landlord usually requests an occupant to finish a rental application and pay a little cost (view optimum costs by state). The most common cost was $50 in 2023. [6]
Applicant Details
- Applicant's name & address - Employment details
- Income verification
- Previous landlords
- Consent (to run a credit check)
3. Screen the Applicant
Use the rental application to run a consumer report. This includes running a credit report and browsing public records (expulsion search, background check, etc).
Recommended Services
- Limited ($ 21) - RentPrep.com - Detailed ($ 40) - MySmartMove.com
4. Verify References
The candidate's employer and previous proprietors should 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 renter breach 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 occupant again?
5. Negotiate the Lease
Once an occupant is approved, the parties will begin negotiating the rental terms. If the renter is a creditworthy individual, they may be able to get a much better offer due to their monetary status.
Negotiation Items
- Monthly rent ($). - Down payment.
- Utilities.
- Fees (e.g., parking, pets, trash, and so on)
6. Lease Signing
When both parties sign the lease it becomes lawfully binding until completion of its term. The most typical methods to sign are in-person or digitally.
Required at Lease Signing
- First month's rent. - Down payment.
- Identification
7. Taking Occupancy
After signing the lease and making preliminary payments, the renter ought to be offered access to the residential or commercial property at the start of the lease term. Generally, an occupant can not move into the residential or commercial property unless they have actually made an extra payment.
Inspecting the Residential or commercial property
To secure the security deposit, it is suggested that the renter finish a move-in evaluation form and keep in mind any existing residential or commercial property damage. In 2023, just 42% of tenants stated they got fully reimbursed on their security deposit. [7]
8. End of Tenancy
The landlord will notify the renter of their intention to restore or end the lease in between 30 and 90 days before completion of the tenancy. If the property owner ends the lease, the occupant's down payment will be returned after move-out.
Landlord's Options
Renew the Lease - By sending a Lease Extension. Terminate the Lease - By sending a Non-Renewal Lease Letter. Landlord-Tenant Laws
Security Deposit Laws. Expand Collapse. State Maximum ($). Returning. Statute. Alabama 1 month's rent 60 days after the termination date and delivery of ownership § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' lease, except for systems leasing for more than $2,000 2 week if the occupant leaves on-time, 30 days if not § 34.03.070( a), § 34.03.070( g). Arizona 1.5 months' rent 2 week from move-out inspection (excl. weekends and vacations) § 33-1321. Arkansas 2 months' rent 60 days from termination of tenancy § 18-16-304, § 18-16-305. California 1 month's lease 21 days from the move-out date 1950.5. Colorado 2 months' rent (leaving out 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' lease if more youthful 21 days from the move-out date or 15 days from receiving the occupant's brand-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 1 month if deductions, 15 days if no deductions § 83.49( 3 )( a). Georgia 2 months' rent 1 month from the termination date § 44-7-30.1
§ 44-7-34. Hawaii 1 month's rent (leaving out pet cost) 14 days from the termination date § 521-44. Idaho No limitation one month if mentioned in the lease, 21 days if not § 6-321. Illinois No limit one month if deductions, 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 30 days after the tenant has abandoned § 562A.12. Kansas 1 month's rent (unfurnished), 1.5 months' lease (provided) 2 week after making deductions or thirty days from the termination date § 58-2550. Kentucky No limitation 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' lease thirty days if the lease is fixed-period, 21 days if tenancy-at-will § 6032, § 6033. Maryland 1 month's rent 45 days from the termination date § 8-203. Massachusetts 1 month's lease one month after the tenant has abandoned Chapter 186, Section 15B. Michigan 1.5 months' rent 1 month from the end of tenancy § 554.602, § 554.609. Minnesota No limit 3 weeks from the termination date § 504B.178. Mississippi No limitation 45 days from the end of occupancy § 89-8-21. Missouri 2 months' rent one month from the termination of occupancy § 535.300. Montana No limitation 1 month if reductions, 10 days if no deductions § 70-25-202. Nebraska 1 month's rent (leaving out animal charge) 14 days of move-out § 76-1416. Nevada 3 months' lease 30 days from completion of occupancy NRS 118A.242. New Hampshire 1 month's rent or $100, whichever is higher 1 month, 20 days if the residential or commercial property is shown the landlord RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' lease 30 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 property leases of one year or more one month from the termination date § 47-8-18. New York 1 month's lease unless the deposit or advance is for a seasonal use dwelling unit 2 week after the renter has actually abandoned Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' rent for tenancies of more than 2 months