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Standard Lease

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The Leasing Process (8 actions)

Housing Statistics

- 33.6% of U.S. families are tenants (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 (typically) is spent on lease. [4]
  1. Tenant Views the Space
  
  The occupant's initial step in the leasing procedure is viewing the space. This is typically after viewing pictures of the residential or commercial property on a site where it was noted.
  
  Renting Trends (2023 )
  
  91% of occupants use a website or mobile app when searching, and 19% get housing without requiring an in-person tour. [5]
  2. Obtain a Rental Application
  
  Before a deal is accepted, the proprietor typically demands a renter to finish a rental application and pay a little cost (view maximum fees by state). The most common charge was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment details
• Income confirmation
• Previous property managers
• 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 browsing public records (expulsion search, background check, etc).
  
  Recommended Services
  
  - Limited ($ 21) - RentPrep.com
• Detailed ($ 40) - MySmartMove.com
  
  4. Verify References
  
  The candidate's company and previous property owners should be contacted. This provides insight into the applicant's character and if they pay their lease on time.
  
  Questions to Ask a Previous Landlord
  
  - Was lease paid on time during the occupancy?
• Did the occupant breach 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 tenant once again?
  
  5. Negotiate the Lease
  
  Once a renter is authorized, the celebrations will start working out the rental terms. If the occupant is a creditworthy individual, they might be able to get a much better deal 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 parties sign the lease it becomes lawfully binding until the end of its term. The most typical ways to sign are in-person or electronically.
  
  Required at Lease Signing
  
  - First month's lease.
• Down payment.
• Identification
  
  7. Taking Occupancy
  
  After signing the lease and making initial payments, the renter must be admitted to the residential or commercial property at the start of the lease term. Generally, a tenant can stagnate into the residential or commercial property unless they have made an additional payment.
  
  Inspecting the Residential or commercial property
  
  To safeguard the down payment, it is advised that the renter finish a move-in examination type and keep in mind any existing residential or commercial property damage. In 2023, just 42% of renters said they got fully refunded on their security deposit. [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 the end of the occupancy. If the landlord ends the lease, the renter's security deposit 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
  
  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 systems renting for more than $2,000 2 week if the occupant leaves on-time, 1 month if not § 34.03.070( a), § 34.03.070( g). Arizona 1.5 months' lease 2 week from move-out evaluation (excl. weekends and vacations) § 33-1321. Arkansas 2 months' lease 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' lease (omitting family pet deposits) 1 month if discussed 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 limitation on all others types 20 days from the termination date Title 25 § 5514. Florida No limit thirty days if deductions, 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 (leaving out family pet cost) 2 week from the termination date § 521-44. Idaho No limitation 1 month if stated in the lease, 21 days if not § 6-321. Illinois No limit 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' rent one month after the occupant has abandoned § 562A.12. Kansas 1 month's lease (unfurnished), 1.5 months' rent (provided) 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 limit 1 month from the termination date Revised Statute 9:3251. Maine 2 months' rent 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 occupant has left Chapter 186, Section 15B. Michigan 1.5 months' rent thirty days from completion of occupancy § 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' rent 30 days from the termination of occupancy § 535.300. Montana No limitation 1 month if reductions, 10 days if no reductions § 70-25-202. Nebraska 1 month's rent (omitting pet charge) 2 week of move-out § 76-1416. Nevada 3 months' rent 1 month from the end of occupancy NRS 118A.242. New Hampshire 1 month's rent or $100, whichever is greater 1 month, 20 days if the residential or commercial property is shared with the landlord RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' rent 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 property leases of one year or more thirty days from the termination date § 47-8-18. New York 1 month's rent 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 occupancies of more than 2 months