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Standard Lease

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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 tenant's earnings (on average) is invested in lease. [4]
  1. Tenant Views the Space
  
  The renter's primary step in the leasing procedure is viewing the area. This is frequently after seeing images of the residential or commercial property on a site where it was noted.
  
  Renting Trends (2023 )
  
  91% of renters utilize a website or mobile app when browsing, and 19% request housing without requiring an in-person trip. [5]
  2. Obtain a Rental Application
  
  Before an offer is accepted, the proprietor usually demands a tenant to complete a rental application and pay a small cost (view maximum charges by state). The most typical fee was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment details
• Income confirmation
• Previous proprietors
• Consent (to run a credit check)
  
  3. Screen the Applicant
  
  Use the rental application to run a customer report. This consists of 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 need to be contacted. This offers insight into the candidate's character and if they pay their rent on time.
  wikipedia.org
  Questions to Ask a Previous Landlord
  
  - Was rent paid on time during the occupancy?
• Did the occupant break 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 once again?
  
  5. Negotiate the Lease
  
  Once a tenant is approved, the celebrations will start working out the rental terms. If the renter is a creditworthy person, they may be able to get a better offer due to their financial status.
  
  Negotiation Items
  
  - Monthly rent ($).
• Down payment.
• Utilities.
• Fees (e.g., parking, family pets, trash, etc)
  
  6. Lease Signing
  
  When both celebrations sign the lease it becomes lawfully binding till the end of its term. The most common 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 renter ought to be given 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 made an extra payment.
  
  Inspecting the Residential or commercial property
  
  To protect the down payment, it is advised that the renter finish a move-in examination form and keep in mind any existing residential or commercial property damage. In 2023, just 42% of occupants stated they got totally reimbursed on their down payment. [7]
  8. End of Tenancy
  
  The landlord will inform the renter of their objective to renew or terminate the lease in between 30 and 90 days before completion of the tenancy. If the property owner terminates 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 out 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, except for units leasing for more than $2,000 14 days if the tenant 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 vacations) § 33-1321. Arkansas 2 months' rent 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' 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 getting the occupant's 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 30 days if deductions, 15 days if no reductions § 83.49( 3 )( a). Georgia 2 months' lease thirty days from the termination date § 44-7-30.1
  
  § 44-7-34. Hawaii 1 month's rent (leaving out family pet cost) 14 days from the termination date § 521-44. Idaho No limit 1 month if mentioned in the lease, 21 days if not § 6-321. Illinois No limitation 30 days 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 occupant has actually left § 562A.12. Kansas 1 month's rent (unfurnished), 1.5 months' lease (supplied) 2 week 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 limitation 1 month from the date Revised Statute 9:3251. Maine 2 months' rent 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 occupant has actually abandoned Chapter 186, Section 15B. Michigan 1.5 months' rent one month from completion of tenancy § 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' lease one month from the termination of occupancy § 535.300. Montana No limit 30 days if reductions, 10 days if no reductions § 70-25-202. Nebraska 1 month's lease (excluding animal charge) 14 days of move-out § 76-1416. Nevada 3 months' rent 30 days from the end of occupancy NRS 118A.242. New Hampshire 1 month's rent or $100, whichever is greater thirty days, 20 days if the residential or commercial property is shared with the property owner RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' lease thirty 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 limit for residential leases of one year or more 1 month from the termination date § 47-8-18. New york city 1 month's rent unless the deposit or advance is for a seasonal usage residence system 14 days after the tenant has actually left Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' rent for occupancies of more than 2 months