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Standard Lease

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The Leasing Process (8 steps)

Housing Statistics

- 33.6% of U.S. homes are occupants (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 (on average) is invested in lease. [4]
  1. Tenant Views the Space
  
  The occupant's first action in the leasing process is seeing the area. This is typically after viewing photos of the residential or commercial property on a site where it was noted.
  
  Renting Trends (2023 )
  
  91% of occupants utilize a website or mobile app when browsing, and 19% get housing without needing an in-person tour. [5]
  2. Obtain a Rental Application
  
  Before an offer is accepted, the property manager normally demands an occupant to complete a rental application and pay a little cost (view maximum costs 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 includes running a credit report and searching public records (expulsion search, background check, etc).
  
  Recommended Services
  
  - Limited ($ 21) - RentPrep.com
• Detailed ($ 40) - MySmartMove.com
  
  4. Verify References
  
  The applicant's employer and previous landlords must be gotten in touch with. This provides insight into the candidate's character and if they pay their rent on time.
  
  Questions to Ask a Previous Landlord
  
  - Was rent paid on time throughout the occupancy?
• Did the renter 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 again?
  
  5. Negotiate the Lease
  
  Once a renter is approved, the celebrations will begin working out the rental terms. If the occupant is a creditworthy person, they might have the ability to get a better deal due to their financial status.
  
  Negotiation Items
  
  - Monthly rent ($).
• Down payment.
• Utilities.
• Fees (e.g., parking, animals, garbage, etc)
  
  6. Lease Signing
  
  When both celebrations sign the lease it ends up being legally 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 rent.
• Down payment.
• Identification
  
  7. Taking Occupancy
  
  After signing the lease and making preliminary payments, the tenant ought to be provided access to the residential or commercial property at the start of the lease term. Generally, a renter 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 suggested that the renter complete a move-in assessment type and note any existing residential or commercial property damage. In 2023, only 42% of renters said they got fully reimbursed on their security deposit. [7]
  8. End of Tenancy
  
  The property owner will inform the tenant of their intent to restore or end the lease between 30 and 90 days before completion of the tenancy. If the property owner terminates 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
  
  Security Deposit Laws. Expand Collapse. State Maximum ($). Returning. Statute. Alabama 1 month's lease 60 days after the termination date and delivery of belongings § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' lease, other than for units leasing for more than $2,000 14 days if the tenant leaves on-time, 30 days 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' rent 60 days from termination of tenancy § 18-16-304, § 18-16-305. California 1 month's rent 21 days from the move-out date 1950.5. Colorado 2 months' lease (excluding 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 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 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 deductions § 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 rent (excluding family pet fee) 14 days from the termination date § 521-44. Idaho No limit 1 month if stated in the lease, 21 days if not § 6-321. Illinois No limitation thirty days if deductions, 45 days if no deductions 765 ILCS 710. Indiana No limit 45 days from the termination date § 32-31-3-12. Iowa 2 months' rent thirty days after the tenant has actually left § 562A.12. Kansas 1 month's rent (unfurnished), 1.5 months' lease (furnished) 14 days after making deductions or 1 month from the termination date § 58-2550. Kentucky No limitation 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 lease 45 days from the termination date § 8-203. Massachusetts 1 month's rent thirty days after the renter has actually left Chapter 186, Section 15B. Michigan 1.5 months' rent thirty days from completion of tenancy § 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 one month from the termination of tenancy § 535.300. Montana No limit one month if deductions, 10 days if no reductions § 70-25-202. Nebraska 1 month's lease (leaving out animal cost) 14 days of move-out § 76-1416. Nevada 3 months' rent thirty days from completion 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' rent thirty 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 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 usage dwelling system 14 days after the occupant has vacated Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for tenancies of more than 2 months