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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 tenant's income (on average) is spent on lease. [4]
  1. Tenant Views the Space
  
  The renter's initial step in the leasing procedure is viewing the area. This is commonly after seeing photos of the residential or commercial property on a site where it was listed.
  
  Renting Trends (2023 )
  
  91% of occupants utilize a website or mobile app when browsing, and 19% look for housing without requiring an in-person tour. [5]
  2. Obtain a Rental Application
  
  Before a deal is accepted, the property owner normally demands an occupant to finish a rental application and pay a small charge (view optimum charges by state). The most typical fee was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment details
• Income confirmation
• Previous proprietors
• Consent (to run a credit check)
  
  3. Screen the Applicant
  
  Use the rental application to run a consumer report. This consists of running a credit report and browsing public records (eviction search, background check, etc).
  
  Recommended Services
  
  - Limited ($ 21) - RentPrep.com
• Detailed ($ 40) - MySmartMove.com
  
  4. Verify References
  
  The applicant's employer and previous property owners should be called. This provides insight into the applicant's character and if they pay their lease on time.
  
  Questions to Ask a Previous Landlord
  
  - Was lease paid on time throughout the tenancy?
• Did the renter break 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 renter once 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 might be able to get a much better offer due to their monetary status.
  
  Negotiation Items
  
  - Monthly lease ($).
• Security deposit.
• Utilities.
• Fees (e.g., parking, family pets, trash, and so on)
  
  6. Lease Signing
  
  When both celebrations sign the lease it ends up being lawfully binding up until the end of its term. The most common methods 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 initial payments, the renter ought to be admitted 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 made an additional payment.
  
  Inspecting the Residential or commercial property
  
  To protect the down payment, it is suggested that the tenant complete a move-in assessment form and keep in mind any existing residential or commercial property damage. In 2023, only 42% of occupants said they got totally refunded on their security deposit. [7]
  8. End of Tenancy
  
  The landlord will inform the renter of their intent to restore or end the lease in between 30 and 90 days before completion of the tenancy. If the landlord terminates the lease, the occupant's down payment will be returned after move-out.
  
  Landlord's Options
  
  Renew the Lease - By sending out 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 lease 60 days after the termination date and shipment of belongings § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' rent, except for systems leasing for more than $2,000 14 days if the tenant leaves on-time, thirty days if not § 34.03.070( a), § 34.03.070( g). Arizona 1.5 months' rent 14 days from move-out inspection (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 rent 21 days from the move-out date 1950.5. Colorado 2 months' lease (excluding 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 occupant's new address § 47a-21. Delaware 1 month's rent 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 deductions, 15 days if no reductions § 83.49( 3 )( a). Georgia 2 months' lease 30 days from the termination date § 44-7-30.1
  
  § 44-7-34. Hawaii 1 month's rent (omitting animal fee) 14 days from the termination date § 521-44. Idaho No limit thirty days if stated in the lease, 21 days if not § 6-321. Illinois No limitation 1 month 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' lease 1 month after the renter has abandoned § 562A.12. Kansas 1 month's lease (unfurnished), 1.5 months' rent (furnished) 2 week 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 one month 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 one month after the renter has actually vacated Chapter 186, Section 15B. Michigan 1.5 months' lease 30 days from the end of occupancy § 554.602, § 554.609. Minnesota No limit 3 weeks from the termination date § 504B.178. Mississippi No limit 45 days from completion of tenancy § 89-8-21. Missouri 2 months' lease one month from the termination of occupancy § 535.300. Montana No limitation one month if reductions, 10 days if no deductions § 70-25-202. Nebraska 1 month's lease (leaving out pet fee) 2 week of move-out § 76-1416. Nevada 3 months' rent thirty days from the end of tenancy NRS 118A.242. New Hampshire 1 month's rent or $100, whichever is higher thirty days, 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 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 limit for residential 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 home system 2 week after the occupant has vacated Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for occupancies of more than 2 months