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By Type (15 )

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 actions)

Housing Statistics

- 33.6% of U.S. homes 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 earnings (typically) is invested in lease. [4]
  1. Tenant Views the Space
  
  The tenant's primary step in the leasing process is viewing the space. This is frequently after seeing photos of the residential or commercial property on a site where it was noted.
  
  Renting Trends (2023 )
  
  91% of tenants use a site or mobile app when browsing, and 19% look for housing without needing an in-person trip. [5]
  2. Obtain a Rental Application
  
  Before an offer is accepted, the landlord normally demands an occupant to complete a rental application and pay a small fee (view maximum fees by state). The most typical cost was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment details
• Income confirmation
• Previous property owners
• 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 (eviction search, background check, and so on).
  
  Recommended Services
  
  - Limited ($ 21) - RentPrep.com
• Detailed ($ 40) - MySmartMove.com
  
  4. Verify References
  
  The applicant's company and previous property managers need to be gotten in touch with. 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 occupancy?
• Did the occupant violate the lease?
• What was the reason for leaving the residential or commercial property?
• Existed damage made on the residential or commercial property?
• Would you re-rent to the tenant 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 have the ability to get a better offer due to their financial status.
  
  Negotiation Items
  
  - Monthly rent ($).
• Down payment.
• Utilities.
• Fees (e.g., parking, family pets, garbage, and so on)
  
  6. Lease Signing
  
  When both celebrations sign the lease it ends up being lawfully binding up until the end of its term. The most common ways to sign are in-person or digitally.
  
  Required at Lease Signing
  
  - First month's rent.
• 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, a tenant 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 recommended that the renter finish a move-in evaluation type and keep in mind any existing residential or commercial property damage. In 2023, only 42% of occupants said they got totally refunded on their down payment. [7]
  8. End of Tenancy
  
  The property manager will inform the renter of their objective to restore or end the lease between 30 and 90 days before the end of the tenancy. If the proprietor terminates the lease, the occupant's down payment 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
  
  Security Deposit Laws. Expand Collapse. State Maximum ($). Returning. Statute. Alabama 1 month's rent 60 days after the termination date and shipment of possession § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' lease, other than for systems leasing for more than $2,000 14 days if the renter leaves on-time, 1 month if not § 34.03.070( a), § 34.03.070( g). Arizona 1.5 months' rent 14 days from move-out evaluation (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 family 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 rent is 62 years or older, 2 months' rent if younger 21 days from the move-out date or 15 days from receiving 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 one month 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 lease (excluding animal charge) 14 days from the termination date § 521-44. Idaho No limitation 1 month if mentioned in the lease, 21 days if not § 6-321. Illinois No limitation thirty days if reductions, 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 one month after the tenant has actually vacated § 562A.12. Kansas 1 month's lease (unfurnished), 1.5 months' rent (provided) 14 days after making reductions 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' lease one 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 vacated Chapter 186, Section 15B. Michigan 1.5 months' rent thirty days from the end of occupancy § 554.602, § 554.609. Minnesota No limit 3 weeks from the termination date § 504B.178. Mississippi No limit 45 days from the end of occupancy § 89-8-21. Missouri 2 months' lease 30 days from the termination of occupancy § 535.300. Montana No limitation 1 month if deductions, 10 days if no reductions § 70-25-202. Nebraska 1 month's rent (excluding pet fee) 2 week of move-out § 76-1416. Nevada 3 months' lease 1 month from the end of occupancy NRS 118A.242. New Hampshire 1 month's lease or $100, whichever is greater one month, 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' rent one 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 limitation for domestic leases of one year or more 1 month from the termination date § 47-8-18. New York 1 month's rent unless the deposit or advance is for a seasonal use residence unit 2 week after the renter has vacated Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' rent for tenancies of more than 2 months