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By Type (15 )

Standard Lease

1-Page

Commercial

Condominium

Equipment

Member of the family

Hunting (Land)

Month-to-Month

Parking Space

Rent-to-Own

Roommate

Storage Space

Sublease

Vacation (short-term)

Weekly

The Leasing Process (8 steps)

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 (usually) is spent on rent. [4]
  1. Tenant Views the Space
  
  The tenant's primary step in the leasing procedure is seeing the area. This is frequently after viewing images of the residential or commercial property on a website where it was listed.
  
  Renting Trends (2023 )
  
  91% of occupants utilize a website or mobile app when browsing, and 19% make an application for housing without needing an in-person tour. [5]
  2. Obtain a Rental Application
  
  Before an offer is accepted, the landlord generally requests a renter to finish a rental application and pay a little charge (view maximum charges by state). The most typical fee was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment information
• Income confirmation
• Previous property managers
• 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, and so on).
  
  Recommended Services
  
  - Limited ($ 21) - RentPrep.com
• Detailed ($ 40) - MySmartMove.com
  
  4. Verify References
  
  The applicant's company and previous property managers should be gotten in touch with. This uses 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 occupant violate 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 an occupant is authorized, the parties will start negotiating the rental terms. If the occupant is a creditworthy individual, they might have the ability to get a much better offer due to their financial status.
  
  Negotiation Items
  
  - Monthly lease ($).
• Security deposit.
• Utilities.
• Fees (e.g., parking, family pets, garbage, etc)
  
  6. Lease Signing
  
  When both parties sign the lease it becomes lawfully binding until completion of its term. The most common ways to sign are in-person or digitally.
  
  Required at Lease Signing
  
  - First month's lease.
• Security deposit.
• Identification
  
  7. Taking Occupancy
  
  After signing the lease and making initial payments, the tenant needs to be given 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 additional payment.
  
  Inspecting the Residential or commercial property
  
  To safeguard the security deposit, it is suggested that the occupant complete a move-in examination type and keep in mind any existing residential or commercial property damage. In 2023, just 42% of tenants said they got completely refunded on their security deposit. [7]
  8. End of Tenancy
  
  The proprietor will notify the occupant of their objective to renew or end the lease between 30 and 90 days before completion of the tenancy. If the property owner 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
  
  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 leasing for more than $2,000 2 week if the renter 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 inspection (excl. weekends and holidays) § 33-1321. Arkansas 2 months' rent 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 (excluding family 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 more youthful 21 days from the move-out date or 15 days from receiving the renter'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 limitation 30 days if reductions, 15 days if no deductions § 83.49( 3 )( a). Georgia 2 months' rent 30 days from the termination date § 44-7-30.1
  
  § 44-7-34. Hawaii 1 month's lease (omitting animal charge) 14 days from the termination date § 521-44. Idaho No limit 1 month if specified in the lease, 21 days if not § 6-321. Illinois No limitation 1 month 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' lease 30 days after the tenant has vacated § 562A.12. Kansas 1 month's rent (unfurnished), 1.5 months' lease (supplied) 14 days 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 limitation 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 tenant has left Chapter 186, Section 15B. Michigan 1.5 months' rent 1 month from the end of tenancy § 554.602, § 554.609. Minnesota No limitation 3 weeks from the termination date § 504B.178. Mississippi No limit 45 days from completion of occupancy § 89-8-21. Missouri 2 months' rent 30 days from the termination of tenancy § 535.300. Montana No limitation thirty days if reductions, 10 days if no deductions § 70-25-202. Nebraska 1 month's lease (omitting pet charge) 2 week of move-out § 76-1416. Nevada 3 months' rent one month from the end 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 shared with the proprietor RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' rent 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 limit for residential leases of one year or more 1 month from the termination date § 47-8-18. New York 1 month's lease unless the deposit or advance is for a seasonal usage residence system 14 days after the renter has abandoned Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for tenancies of more than 2 months