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By Type (15 )

Standard Lease

1-Page

Commercial

Condominium

Equipment

Relative

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. households 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 income (on average) is invested in lease. [4]
  1. Tenant Views the Space
  
  The occupant's initial step in the leasing process is seeing the area. This is typically after seeing images of the residential or commercial property on a website where it was noted.
  
  Renting Trends (2023 )
  
  91% of tenants utilize a site or mobile app when browsing, and 19% obtain housing without requiring an in-person tour. [5]
  2. Obtain a Rental Application
  
  Before an offer is accepted, the property owner normally requests an occupant to complete a rental application and pay a small cost (view optimum fees by state). The most typical cost was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment details
• Income confirmation
• Previous landlords
• 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 (eviction search, background check, etc).
  
  Recommended Services
  
  - Limited ($ 21) - RentPrep.com
• Detailed ($ 40) - MySmartMove.com
  
  4. Verify References
  
  The applicant's company and previous proprietors need to be contacted. This uses 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 during the tenancy?
• Did the renter 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 occupant again?
  
  5. Negotiate the Lease
  
  Once an occupant is approved, the parties will start negotiating the rental terms. If the occupant is a creditworthy individual, they may be able to get a better offer due to their monetary status.
  
  Negotiation Items
  
  - Monthly rent ($).
• Security deposit.
• Utilities.
• Fees (e.g., parking, family pets, trash, and so on)
  
  6. Lease Signing
  
  When both parties 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 lease.
• Down payment.
• Identification
  
  7. Taking Occupancy
  
  After signing the lease and making preliminary payments, the tenant ought to be offered access to the residential or commercial property at the start of the lease term. Generally, a renter can not move into the residential or commercial property unless they have actually made an extra payment.
  
  Inspecting the Residential or commercial property
  
  To secure the down payment, it is advised that the occupant complete a move-in examination form and note any existing residential or commercial property damage. In 2023, just 42% of tenants said they got totally reimbursed on their down payment. [7]
  8. End of Tenancy
  
  The proprietor will notify the tenant of their intention to restore or end the lease in between 30 and 90 days before completion of the tenancy. If the property manager ends the lease, the occupant's security deposit will be returned after move-out.
  
  Landlord's Options
  
  Renew the Lease - By sending 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 delivery of ownership § 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 renter 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 evaluation (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 lease 21 days from the move-out date 1950.5. Colorado 2 months' lease (omitting 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 rent is 62 years or older, 2 months' rent if younger 21 days from the move-out date or 15 days from getting the tenant's brand-new address § 47a-21. Delaware 1 month's lease 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 1 month if deductions, 15 days if no reductions § 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 lease (omitting animal charge) 2 week from the termination date § 521-44. Idaho No limit one month if specified in the lease, 21 days if not § 6-321. Illinois No limit thirty 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 one month after the occupant has vacated § 562A.12. Kansas 1 month's rent (unfurnished), 1.5 months' lease (furnished) 2 week after making deductions or thirty days 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' rent 1 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 one month after the occupant has abandoned Chapter 186, Section 15B. Michigan 1.5 months' rent one month from the end of occupancy § 554.602, § 554.609. Minnesota No limitation 3 weeks from the termination date § 504B.178. Mississippi No limitation 45 days from the end of occupancy § 89-8-21. Missouri 2 months' rent 30 days from the termination of occupancy § 535.300. Montana No limit 30 days if reductions, 10 days if no deductions § 70-25-202. Nebraska 1 month's lease (leaving out family pet fee) 2 week of move-out § 76-1416. Nevada 3 months' rent 30 days from completion of occupancy NRS 118A.242. New Hampshire 1 month's lease or $100, whichever is greater 30 days, 20 days if the residential or is shown the proprietor RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' lease 1 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 property leases of one year or more one month from the termination date § 47-8-18. New york city 1 month's rent unless the deposit or advance is for a seasonal use house unit 14 days after the occupant has actually left Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for tenancies of more than 2 months