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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. families are occupants (44 million). [1] [2]- 68.2% of leases are fixed-term. [3]- 31.8% of leases are month-to-month.

• 30% of an occupant's earnings (typically) is invested in rent. [4]
  1. Tenant Views the Space
  
  The renter's primary step in the leasing procedure is viewing the space. This is typically after seeing photos of the residential or commercial property on a site where it was noted.
  
  Renting Trends (2023 )
  
  91% of tenants use a site or mobile app when searching, and 19% get housing without requiring an in-person tour. [5]
  2. Obtain a Rental Application
  
  Before an offer is accepted, the property owner typically demands a renter to complete a rental application and pay a little charge (view optimum costs by state). The most typical fee was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment information
• Income verification
• 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 (expulsion 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 proprietors must 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 during the occupancy?
• Did the occupant 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 tenant once again?
  
  5. Negotiate the Lease
  
  Once an occupant is approved, the parties will begin working out the rental terms. If the renter 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, animals, garbage, etc)
  
  6. Lease Signing
  
  When both celebrations sign the lease it ends up being lawfully binding until the end of its term. The most typical methods 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 initial payments, the renter must be provided 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 secure the down payment, it is advised that the renter complete a move-in inspection kind and keep in mind any existing residential or commercial property damage. In 2023, only 42% of occupants said they got totally refunded on their down payment. [7]
  8. End of Tenancy
  
  The landlord will inform the renter of their objective to restore or end the lease in between 30 and 90 days before completion of the tenancy. 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 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, except for systems leasing for more than $2,000 14 days if the occupant leaves on-time, thirty days if not § 34.03.070( a), § 34.03.070( g). Arizona 1.5 months' rent 2 week from move-out examination (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 lease 21 days from the move-out date 1950.5. Colorado 2 months' rent (excluding animal 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 thirty days if reductions, 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 (omitting family pet charge) 14 days 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 thirty days if reductions, 45 days if no deductions 765 ILCS 710. Indiana No limitation 45 days from the termination date § 32-31-3-12. Iowa 2 months' rent one month after the occupant has left § 562A.12. Kansas 1 month's rent (unfurnished), 1.5 months' rent (provided) 2 week after making reductions or one month 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' lease 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 actually abandoned Chapter 186, Section 15B. Michigan 1.5 months' lease 1 month from completion of occupancy § 554.602, § 554.609. Minnesota No limitation 3 weeks from the termination date § 504B.178. Mississippi No limit 45 days from completion of tenancy § 89-8-21. Missouri 2 months' rent thirty days from the termination of tenancy § 535.300. Montana No limitation 1 month if reductions, 10 days if no deductions § 70-25-202. Nebraska 1 month's rent (omitting animal fee) 2 week of move-out § 76-1416. Nevada 3 months' lease 1 month from the end of occupancy NRS 118A.242. New Hampshire 1 month's rent or $100, whichever is greater 1 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' 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 property leases of one year or more 1 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 residence system 2 week after the tenant has actually vacated Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for tenancies of more than 2 months; 1.5 months' lease for month-to-month tenancies thirty days if no deductions, if deductions then an additional 1 month § 42-51, § 42-52. North Dakota 1 month's rent (omitting family pet deposits) thirty days from the termination date § 47-16-07.1. Ohio No limitation 30 days from the termination date § 5321.16. Oklahoma No limit 45 days from the termination date § 41-115( B). Oregon No limitation 31 days from the termination date § 90.300. Pennsylvania 2 months' rent 1 month from the termination date § 250.511 a, § 250.512. Rhode Island 1 month's lease 20 days from the termination date § 34-18-19. South Carolina No limitation 1 month from the termination date § 27-40-410. South Dakota 1 month's rent 2 week if no deductions, 45 days if reductions § 43-32-6.1, § 43-32-24. Tennessee No limit 1 month from the termination date § 66-28-301. Texas No limit one month after the occupant has vacated § 92.103. Utah No limit 30 days from the termination date § 57-17-3. Vermont No limit 2 week, 60 days if a seasonal residential or commercial property § 4461. Virginia 2 months' lease 45 days from the termination date or the date the occupant vacates the home system, whichever takes place last § 55.1-1226( A). Washington No limit thirty days from tenant's move-out date § 59.18.280. West Virginia No limitation 60 days after tenancy ends or 45 days after another tenant moves in, whichever shorter § 37-6A-2. Wisconsin No limitation 21 days from tenant's job date § 134.06. Wyoming No limitation thirty days from lease termination or 15 days from receiving the renter's forwarding address, whichever is lower § 1-21-1208( A)
  
  Landlord's Access. Expand Collapse. State Required Notice Statute. Alabama 2 days § 35-9A-303. Alaska 24 hours § 34.03.140. Arizona two days § 33-1343. Arkansas N/A N/A. California 24 for non-emergency, 48 hours for the move-out inspection § 1954. Colorado * N/A * N/A. Connecticut Reasonable notice § 47a-16. Delaware 2 days Title 25 § 5509. Florida 24 hours § 83.53. Georgia * N/A * N/A. Hawaii 2 days § 521-53. Idaho * N/A * N/A. Illinois * N/A * N/A. Indiana Reasonable notice § 32-31-5-6. Iowa 24 hours § 562A.19. Kansas Reasonable notice § 58-2557. Kentucky 2 days § 383.615. Louisiana * N/A * N/A. Maine 24 hr § 6025. Maryland * N/A * N/A. Massachusetts Reasonable notification Sanitary Code (410.810 ). Michigan * N/A * N/A. Minnesota "Reasonable notice" of no less than 24 hours § 504B.211. Mississippi * N/A * N/A. Missouri * N/A * N/A. Montana 24 hr § 70-24-312. Nebraska 24 hr § 76-1423. Nevada 24 hr NRS 118A.330. New Hampshire Reasonable notice RSA 540-A:3. New Jersey 1 day § 5:10 -5. 1 New Mexico 24 hr § 47-8-24 New York * N/A * N/A. North Carolina * N/A * N/A. North Dakota Reasonable notification § 47-16-07.3. Ohio 24 hours § 5321.04. Oklahoma 1 day § 41-128. Oregon 24 hours § 90.322. Pennsylvania * N/A * N/A. Rhode Island 2 days § 34-18-26. South Carolina 24 hours § 27-40-530. South Dakota 24 hr § 43-32-32. Tennessee 24 hours § 66-28-403. Texas * N/A * N/A. Utah 24 hours § 57-22-4. two days § 4460. Virginia 24 hours § 55.1-1229( A). Washington 2 days for repair work, 1 day for showings § 59.18.150. West Virginia * N/A * N/A. Wisconsin Advance Notice § 704.05( 2 ). Wyoming * N/A * N/A
  
  Collapse
  
  When is Rent Due? (grace durations). Expand Collapse. State When is Rent Due? Laws. Alabama On the due date (no grace period) § 35-9A-161( c). Alaska On the due date (no grace period) AS 34.03.020( c). Arizona On the due date (no grace duration) ARS 33-1314( c). Arkansas On the due date in the lease, but there is a 5-day grace period before a late charge may be enforced § 18-17-401( b)( 1 ), § 18-17-701( b). California On the due date (no grace period) CIV Code 1947. Colorado Not specified, however there is a 7-day grace period before a late fee may be imposed C.R.S. § 38-12-105. Connecticut 9-day grace period. § 47a-3a( a), § 47a-15a. Delaware On the due date in the lease, however there is a 5-day grace period before a late fee may be enforced Title 25, § 5501( b), Title 25, § 5501( d). Florida On the due date (no grace period) § 83.46( 1 ). Georgia Not specified No statute. Hawaii On the due date (no grace period) § 521-21( b). Idaho Not defined No statute. Illinois Not defined No statute. Indiana Not specified No statute. Iowa On the due date (no grace period) 562A.9( 3 ). Kansas On the due date (no grace duration) § 58-2545( c). Kentucky On the due date (no grace duration) § 383.565( 2 ). Louisiana On the due date (no grace period) La. Civ. Code art. 2703( 1 ). Maine 15-day grace period Chapter 710, § 6028( 1 ). Maryland On the due date (no grace duration) § 8-401( a). Massachusetts 30-day grace duration. Chapter 186, Section 15B( 1 )( c). Michigan On the due date (no grace duration) § 554.131. Minnesota Not specified No statute. Mississippi Not specified No statute. Missouri On the due date (no grace period) Rev. § 535.060. Montana On the due date (no grace period) § 70-24-201( 2 )( c). Nebraska On the due date (no grace period) § 76-1414( 3 ). Nevada On the due date (no grace duration) NRS 118A.210( 1 ). New Hampshire Not specified No statute. New Jersey 5 business day grace period § 2A:42 -6.1( 1 ). New Mexico On the due date (no grace duration) § 47-8-15( B). New york city 5-day grace duration Housing Stability and Tenant Protection act of 2019. North Carolina 4-day grace duration § 42-46( a). North Dakota Not specified No statute. Ohio Not specified No statute. Oklahoma On the due date (no grace period) § 41-109( B). Oregon On the due date in the lease, however there is a 4-day grace period before a late charge may be enforced § ORS 90.220( 7 )( a), ORS 90.260( 1 )( a)
  
  Ga. Code § 44-7-16
  
  Chicago just - $10.00 each month for the first $500.00 in monthly lease plus 5 percent monthly for any quantity in excess of $500.00 in monthly lease for the late payment of lease. No statute
  
  5-12-140( h). Indiana Not defined No statute. Iowa If the lease does not exceed $700/month, the late charge can not surpass more than $12/day daily or $60/month.
  
  If the rent is greater than $700/month, the late can not exceed more than $20/day or $100/month. 562A.9( 4 ). Kansas Not defined No statute. Kentucky Not specified No statute. Louisiana Not specified No statute. Maine 4% of the month-to-month lease amount Chapter 710, § 6028( 2 ). Maryland 5% of the month-to-month rent quantity Md.
  Code, Real.