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Standard Lease

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The Leasing Process (8 steps)

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 invested in rent. [4]
  1. Tenant Views the Space
  
  The tenant's very first action in the leasing procedure is viewing the space. This is commonly after viewing photos of the residential or commercial property on a website where it was noted.
  
  Renting Trends (2023 )
  
  91% of occupants use a website or mobile app when browsing, and 19% use for housing without needing an in-person tour. [5]
  2. Obtain a Rental Application
  
  Before a deal is accepted, the property manager generally demands a tenant to finish a rental application and pay a small charge (view maximum charges by state). The most typical charge was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment information
• Income verification
• Previous property owners
• 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 searching 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 managers ought 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 rent paid on time throughout the tenancy?
• Did the tenant breach 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 renter is authorized, the parties will start working out the rental terms. If the tenant is a creditworthy individual, they might have the ability to get a better deal due to their monetary status.
  
  Negotiation Items
  
  - Monthly lease ($).
• Down payment.
• Utilities.
• Fees (e.g., parking, family pets, trash, and so on)
  
  6. Lease Signing
  
  When both parties sign the lease it becomes legally binding till completion of its term. The most typical ways to sign are in-person or electronically.
  
  Required at Lease Signing
  
  - First month's lease.
• Security deposit.
• Identification
  
  7. Taking Occupancy
  
  After signing the lease and making preliminary payments, the occupant should 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 extra payment.
  
  Inspecting the Residential or commercial property
  
  To secure the security deposit, it is suggested that the renter finish a move-in examination form and note any existing residential or commercial property damage. In 2023, only 42% of renters stated they got completely refunded on their security deposit. [7]
  8. End of Tenancy
  
  The property manager will notify the tenant of their intent to renew or end the lease between 30 and 90 days before completion of the occupancy. If the landlord ends 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 lease 60 days after the termination date and shipment of possession § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' rent, other than 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' rent 2 week from move-out inspection (excl. weekends and holidays) § 33-1321. Arkansas 2 months' lease 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' rent (leaving out 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 lease 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 brand-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 deductions, 15 days if no deductions § 83.49( 3 )( a). Georgia 2 months' lease one month from the termination date § 44-7-30.1
  
  § 44-7-34. Hawaii 1 month's rent (leaving out animal cost) 2 week 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 1 month if deductions, 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 30 days after the occupant has abandoned § 562A.12. Kansas 1 month's lease (unfurnished), 1.5 months' lease (supplied) 2 week after making reductions or thirty days 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 occupant has vacated Chapter 186, Section 15B. Michigan 1.5 months' rent one month 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 thirty days 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 (excluding animal fee) 14 days of move-out § 76-1416. Nevada 3 months' lease thirty days from completion of tenancy NRS 118A.242. New Hampshire 1 month's lease or $100, whichever is greater 30 days, 20 days if the residential or commercial property is shown the landlord 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 lease for leases under one year. No limitation for residential leases of one year or more 30 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 home unit 14 days 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