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By Type (15 )

Standard Lease

1-Page

Commercial

Condominium

Equipment

Family Member

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. 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 earnings (on average) is invested on rent. [4]
  1. Tenant Views the Space
  
  The occupant's primary step in the leasing process is seeing the space. This is typically after seeing images of the residential or commercial property on a website where it was listed.
  
  Renting Trends (2023 )
  
  91% of renters use a site or mobile app when searching, and 19% make an application for housing without requiring an in-person trip. [5]
  2. Obtain a Rental Application
  
  Before an offer is accepted, the landlord usually requests a tenant to finish a rental application and pay a small fee (view maximum fees 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 browsing public records (eviction search, background check, and so on).
  
  Recommended Services
  
  - Limited ($ 21) - RentPrep.com
• Detailed ($ 40) - MySmartMove.com
  
  4. Verify References
  
  The applicant's company and previous property owners should be called. This uses 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 occupancy?
• Did the tenant violate 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 renter again?
  
  5. Negotiate the Lease
  
  Once a renter is authorized, the celebrations will begin working out the rental terms. If the occupant is a creditworthy individual, they might be able to get a much better offer due to their monetary status.
  
  Negotiation Items
  
  - Monthly rent ($).
• Down payment.
• Utilities.
• Fees (e.g., parking, pets, trash, etc)
  
  6. Lease Signing
  
  When both celebrations sign the lease it becomes legally binding up until completion 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 initial payments, the occupant should be admitted to the residential or commercial property at the start of the lease term. Generally, an occupant can stagnate into the residential or commercial property unless they have made an extra payment.
  
  Inspecting the Residential or commercial property
  
  To safeguard the security deposit, it is suggested that the renter finish a move-in inspection kind and note any existing residential or commercial property damage. In 2023, just 42% of occupants stated they got fully refunded on their security deposit. [7]
  8. End of Tenancy
  
  The property manager will inform the tenant of their objective to renew or end the lease in between 30 and 90 days before completion of the occupancy. If the proprietor ends the lease, the renter'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 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, other than for systems renting for more than $2,000 14 days if the occupant leaves on-time, one month if not § 34.03.070( a), § 34.03.070( g). Arizona 1.5 months' rent 14 days from move-out examination (excl. weekends and vacations) § 33-1321. Arkansas 2 months' lease 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' lease (omitting 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' lease if more youthful 21 days from the move-out date or 15 days from getting the renter'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 30 days if deductions, 15 days if no deductions § 83.49( 3 )( a). Georgia 2 months' rent one month from the termination date § 44-7-30.1
  
  § 44-7-34. Hawaii 1 month's rent (excluding pet 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 reductions, 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 renter has actually left § 562A.12. Kansas 1 month's rent (unfurnished), 1.5 months' rent (furnished) 14 days after making reductions or 30 days from the 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 30 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 rent thirty days after the renter has actually vacated Chapter 186, Section 15B. Michigan 1.5 months' rent thirty days from the end of tenancy § 554.602, § 554.609. Minnesota No limit 3 weeks from the termination date § 504B.178. Mississippi No limitation 45 days from the end of tenancy § 89-8-21. Missouri 2 months' lease 1 month from the termination of occupancy § 535.300. Montana No limit thirty days if reductions, 10 days if no reductions § 70-25-202. Nebraska 1 month's lease (omitting family pet fee) 14 days of move-out § 76-1416. Nevada 3 months' lease 30 days from completion of tenancy NRS 118A.242. New Hampshire 1 month's lease or $100, whichever is greater one month, 20 days if the residential or commercial property is shown the property manager RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' lease 30 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 domestic leases of one year or more thirty days from the termination date § 47-8-18. New York 1 month's lease unless the deposit or advance is for a seasonal usage dwelling unit 14 days after the tenant has abandoned Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' rent for occupancies of more than 2 months