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Rental/ Lease Agreement Template
Kisha Wiese edited this page 1 week ago
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Washington D.C.
West Virginia
Wisconsin
Wyoming
By Type (15 )
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Standard Lease
1-Page
Commercial
Condominium
Equipment
Member of the family
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 tenants (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 (on average) is spent on lease. [4]
1. Tenant Views the Space
The renter's primary step in the leasing procedure is viewing the area. This is typically after seeing photos of the residential or commercial property on a site where it was listed.
Renting Trends (2023 )
91% of renters utilize a website or mobile app when browsing, and 19% request housing without needing an in-person tour. [5]
2. Obtain a Rental Application
Before an offer is accepted, the property manager normally requests an occupant to finish a rental application and pay a little fee (view optimum fees by state). The most typical cost was $50 in 2023. [6]
Applicant Details
- Applicant's name & address - Employment information
- Income confirmation
- Previous landlords
- Consent (to run a credit check)
3. Screen the Applicant
Use the rental application to run a consumer report. This includes running a credit report and browsing public records (eviction search, background check, etc).
Recommended Services
- Limited ($ 21) - RentPrep.com - Detailed ($ 40) - MySmartMove.com
4. Verify References
The applicant's company and previous property managers need to be called. This provides insight into the applicant's character and if they pay their rent on time.
Questions to Ask a Previous Landlord
- Was lease paid on time throughout the occupancy? - Did the renter 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 renter once again?
5. Negotiate the Lease
Once a tenant is authorized, the parties will start negotiating the rental terms. If the tenant is a creditworthy person, they might be able to get a better deal due to their monetary status.
Negotiation Items
- Monthly lease ($). - Security deposit.
- Utilities.
- Fees (e.g., parking, family pets, garbage, etc)
6. Lease Signing
When both celebrations sign the lease it becomes legally binding up until completion of its term. The most typical ways to sign are in-person or electronically.
Required at Lease Signing
- First month's rent. - Security deposit.
- Identification
7. Taking Occupancy
After signing the lease and making initial payments, the occupant needs to be admitted to the residential or commercial property at the start of the lease term. Generally, an occupant can not move into the residential or commercial property unless they have made an extra payment.
Inspecting the Residential or commercial property
To secure the down payment, it is advised that the renter finish a move-in inspection type and keep in mind any existing residential or commercial property damage. In 2023, only 42% of renters said they got fully refunded on their security deposit. [7]
8. End of Tenancy
The property owner will inform the tenant of their intention to restore or end the lease between 30 and 90 days before completion of the occupancy. If the proprietor ends the lease, the occupant's security deposit will be returned after move-out.
Landlord's Options
Renew the Lease - By sending a Lease Extension. Terminate the Lease - By sending out a Non-Renewal Lease Letter. Landlord-Tenant Laws
Security Deposit Laws. Expand Collapse. State Maximum ($). Returning. Statute. Alabama 1 month's lease 60 days after the termination date and delivery of possession § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' rent, other than for systems leasing for more than $2,000 14 days if the occupant leaves on-time, one month if not § 34.03.070( a), § 34.03.070( g). Arizona 1.5 months' rent 14 days from move-out assessment (excl. weekends and vacations) § 33-1321. Arkansas 2 months' rent 60 days from termination of occupancy § 18-16-304, § 18-16-305. California 1 month's lease 21 days from the move-out date 1950.5. Colorado 2 months' rent (omitting family pet deposits) 1 month if pointed out in the lease, 2 months if not C.R.S. § 38-12-102.5
§ 38-12-103. Connecticut 1 month's rent is 62 years or older, 2 months' lease if younger 21 days from the move-out date or 15 days from getting the tenant's brand-new address § 47a-21. Delaware 1 month's rent 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 one month 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 (excluding animal fee) 2 week from the termination date § 521-44. Idaho No limit 30 days if specified in the lease, 21 days if not § 6-321. Illinois No limitation one month if deductions, 45 days if no reductions 765 ILCS 710. Indiana No limit 45 days from the termination date § 32-31-3-12. Iowa 2 months' lease 1 month after the renter has left § 562A.12. Kansas 1 month's lease (unfurnished), 1.5 months' lease (furnished) 2 week after making reductions or 30 days 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' lease 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 lease 1 month after the renter has actually abandoned Chapter 186, Section 15B. Michigan 1.5 months' rent 30 days from completion of occupancy § 554.602, § 554.609. Minnesota No limit 3 weeks from the termination date § 504B.178. Mississippi No limit 45 days from completion of tenancy § 89-8-21. Missouri 2 months' lease 30 days from the termination of tenancy § 535.300. Montana No limit 30 days if deductions, 10 days if no deductions § 70-25-202. Nebraska 1 month's lease (excluding pet charge) 2 week of move-out § 76-1416. Nevada 3 months' rent thirty days 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' lease 30 days from the termination date § 46:8 -21.2, § 46:8 -21.1. New Mexico 1 month's lease for leases under one year. No limitation for domestic leases of one year or more thirty days from the termination date § 47-8-18. New york city 1 month's rent unless the deposit or advance is for a seasonal use home system 2 week after the occupant has left Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for occupancies of more than 2 months