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Standard Lease

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Commercial

Condominium

Equipment

Member of the family

Hunting (Land)

Month-to-Month

Parking Space

Rent-to-Own

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Storage Space

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Weekly

The Leasing Process (8 actions)

Housing Statistics

- 33.6% of U.S. homes are renters (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 income (on average) is invested on lease. [4]
  1. Tenant Views the Space
  
  The tenant's primary step in the leasing process is seeing the area. This is commonly after seeing pictures of the residential or commercial property on a website where it was noted.
  
  Renting Trends (2023 )
  
  91% of renters use a site or mobile app when searching, and 19% obtain housing without needing an in-person trip. [5]
  2. Obtain a Rental Application
  
  Before a deal is accepted, the landlord usually requests a tenant to finish a rental application and pay a little charge (view maximum costs by state). The most typical charge was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment details
• Income verification
• Previous landlords
• Consent (to run a credit check)
  
  3. Screen the Applicant
  
  Use the rental application to run a customer report. This consists of 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 candidate's company and previous property managers should be contacted. This provides insight into the candidate's character and if they pay their rent on time.
  
  Questions to Ask a Previous Landlord
  
  - Was lease paid on time during the tenancy?
• Did the occupant breach 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 authorized, the celebrations will start negotiating the rental terms. If the tenant is a creditworthy individual, they may have the ability to get a much better offer due to their financial status.
  
  Negotiation Items
  
  - Monthly lease ($).
• Down payment.
• Utilities.
• Fees (e.g., parking, family pets, trash, and so on)
  
  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 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 stagnate 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 finish a move-in inspection type and keep in mind any existing residential or commercial property damage. In 2023, just 42% of tenants stated they got fully refunded on their security deposit. [7]
  8. End of Tenancy
  
  The proprietor will notify the renter of their objective to renew or terminate the lease in between 30 and 90 days before completion of the tenancy. If the property manager terminates 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 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 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 inspection (excl. weekends and holidays) § 33-1321. Arkansas 2 months' lease 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 (leaving out 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 more youthful 21 days from the move-out date or 15 days from getting the occupant's 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 limitation 1 month 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 (excluding family pet cost) 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 30 days if reductions, 45 days if no deductions 765 ILCS 710. Indiana No limit 45 days from the termination date § 32-31-3-12. Iowa 2 months' rent 1 month after the occupant has vacated § 562A.12. Kansas 1 month's lease (unfurnished), 1.5 months' rent (supplied) 14 days after making reductions or thirty days from the termination date § 58-2550. Kentucky No limit 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' lease thirty 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 actually abandoned Chapter 186, Section 15B. Michigan 1.5 months' lease one 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 tenancy § 89-8-21. Missouri 2 months' lease 30 days from the termination of tenancy § 535.300. Montana No limit one month if reductions, 10 days if no reductions § 70-25-202. Nebraska 1 month's rent (omitting family pet fee) 14 days of move-out § 76-1416. Nevada 3 months' rent one month from the end of tenancy NRS 118A.242. New Hampshire 1 month's rent or $100, whichever is higher 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' rent one month 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 date § 47-8-18. New York 1 month's rent unless the deposit or advance is for a seasonal use house unit 14 days after the renter 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; 1.5 months' lease for month-to-month occupancies 30 days if no deductions, if reductions then an extra thirty days § 42-51, § 42-52. North Dakota 1 month's rent (omitting pet deposits) 30 days from the termination date § 47-16-07.1. Ohio No limit 30 days from the termination date § 5321.16. Oklahoma No limitation 45 days from the termination date § 41-115( B). Oregon No limitation 31 days from the termination date § 90.300. Pennsylvania 2 months' lease thirty days 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 limit 1 month from the termination date § 27-40-410. South Dakota 1 month's rent 14 days if no deductions, 45 days if deductions § 43-32-6.1, § 43-32-24. Tennessee No limit 1 month from the termination date § 66-28-301. Texas No limit 30 days after the occupant has abandoned § 92.103. Utah No limit one month from the termination date § 57-17-3. Vermont No limit 14 days, 60 days if a seasonal residential or commercial property § 4461. Virginia 2 months' rent 45 days from the termination date or the date the tenant leaves the residence system, whichever happens last § 55.1-1226( A). Washington No limitation 1 month from tenant's move-out date § 59.18.280. West Virginia No limit 60 days after occupancy ends or 45 days after another renter relocates, whichever shorter § 37-6A-2. Wisconsin No limit 21 days from occupant's job date § 134.06. Wyoming No limitation 30 days from lease termination or 15 days from getting the tenant'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 notification § 47a-16. Delaware 2 days Title 25 § 5509. Florida 24 hr § 83.53. Georgia * N/A * N/A. Hawaii 2 days § 521-53. Idaho * N/A * N/A. Illinois * N/A * N/A. Indiana Reasonable notification § 32-31-5-6. Iowa 24 hr § 562A.19. Kansas Reasonable notice § 58-2557. Kentucky 2 days § 383.615. Louisiana * N/A * N/A. Maine 24 hours § 6025. Maryland * N/A * N/A. Massachusetts Reasonable notification Sanitary Code (410.810 ). Michigan * N/A * N/A. Minnesota "Reasonable notification" of no less than 24 hr § 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 hours NRS 118A.330. New Hampshire Reasonable notification RSA 540-A:3. New Jersey 1 day § 5:10 -5. 1 New Mexico 24 hours § 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 hr § 5321.04. Oklahoma 1 day § 41-128. Oregon 24 hr § 90.322. Pennsylvania * N/A * N/A. Rhode Island 2 days § 34-18-26. South Carolina 24 hr § 27-40-530. South Dakota 24 hr § 43-32-32. Tennessee 24 hr § 66-28-403. Texas * N/A * N/A. Utah 24 hours § 57-22-4. Vermont 2 days § 4460. Virginia 24 hr § 55.1-1229( A). Washington 2 days for repairs, 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 duration) § 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, however there is a 5-day grace duration before a late fee might be enforced § 18-17-401( b)( 1 ), § 18-17-701( b). California On the due date (no grace duration) CIV Code 1947. Colorado Not specified, however there is a 7-day grace period before a late cost might be imposed C.R.S. § 38-12-105. Connecticut 9-day grace duration. § 47a-3a( a), § 47a-15a. Delaware On the due date in the lease, however there is a 5-day grace duration before a late charge may be imposed 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 specified No statute. Indiana Not defined No statute. Iowa On the due date (no grace duration) 562A.9( 3 ). Kansas On the due date (no grace duration) § 58-2545( c). Kentucky On the due date (no grace period) § 383.565( 2 ). Louisiana On the due date (no grace period) La. Civ. Code art. 2703( 1 ). Maine 15-day grace duration 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 period) § 554.131. Minnesota Not specified No statute. Mississippi Not defined 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 service day grace period § 2A:42 -6.1( 1 ). New Mexico On the due date (no grace duration) § 47-8-15( B). New York 5-day grace duration Housing Stability and Tenant Protection act of 2019. North Carolina 4-day grace duration § 42-46( a). North Dakota Not defined No statute. Ohio Not defined 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 duration before a late charge might be imposed § ORS 90.220( 7 )( a), ORS 90.260( 1 )( a)
  
  Ga. Code § 44-7-16
  
  Chicago just - $10.00 per month for the very first $500.00 in monthly lease plus five percent each month 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 rent does not go beyond $700/month, the late cost can not surpass more than $12/day per day or $60/month.
  
  If the lease 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 defined No statute. Louisiana Not specified No statute. Maine 4% of the month-to-month lease amount Chapter 710, § 6028( 2 ). Maryland 5% of the regular monthly lease amount Md.
  Code, Real.