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The Leasing Process (8 actions)

Housing Statistics

- 33.6% of U.S. homes 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 income (usually) is invested on rent. [4]
  1. Tenant Views the Space
  
  The tenant's initial step in the leasing process is viewing the area. This is frequently after seeing images of the residential or commercial property on a site where it was listed.
  
  Renting Trends (2023 )
  
  91% of tenants utilize a site or mobile app when browsing, and 19% get housing without requiring an in-person trip. [5]
  2. Obtain a Rental Application
  
  Before a deal is accepted, the landlord usually requests an occupant to finish a rental application and pay a little charge (view optimum charges by state). The most common charge was $50 in 2023. [6]
  Applicant Details
  
  - Applicant's name & address
• Employment details
• Income confirmation
• Previous property owners
• 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, and so on).
  
  Recommended Services
  
  - Limited ($ 21) - RentPrep.com
• Detailed ($ 40) - MySmartMove.com
  
  4. Verify References
  
  The candidate's company and previous landlords ought to be contacted. This uses insight into the applicant's character and if they pay their rent on time.
  
  Questions to Ask a Previous Landlord
  
  - Was lease paid on time during the occupancy?
• Did the renter 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 renter once again?
  
  5. Negotiate the Lease
  
  Once a renter is authorized, the parties will begin working out the rental terms. If the occupant is a creditworthy person, 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, family pets, trash, etc)
  
  6. Lease Signing
  
  When both celebrations sign the lease it ends up being lawfully binding till completion of its term. The most typical methods to sign are in-person or digitally.
  
  Required at Lease Signing
  
  - First month's rent.
• Down payment.
• Identification
  
  7. Taking Occupancy
  
  After signing the lease and making preliminary payments, the renter needs to be given access to the residential or commercial property at the start of the lease term. Generally, an occupant can not move 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 advised that the renter complete a move-in examination type and note any existing residential or commercial property damage. In 2023, only 42% of renters said they got completely refunded on their security deposit. [7]
  8. End of Tenancy
  
  The property owner will notify the occupant of their intent to renew or end the lease between 30 and 90 days before the end of the tenancy. If the property owner ends the lease, the tenant's down payment 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 lease 60 days after the termination date and delivery of belongings § 35-9A-201( a), 35-9A-201( b). Alaska 2 months' rent, other than for units renting 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' lease 60 days from termination of tenancy § 18-16-304, § 18-16-305. California 1 month's lease 21 days from the move-out date 1950.5. Colorado 2 months' lease (omitting 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 rent is 62 years or older, 2 months' lease if more youthful 21 days from the move-out date or 15 days from receiving 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 one month if reductions, 15 days if no deductions § 83.49( 3 )( a). Georgia 2 months' lease one month from the termination date § 44-7-30.1
  
  § 44-7-34. Hawaii 1 month's rent (leaving out animal cost) 2 week from the termination date § 521-44. Idaho No limitation 30 days if specified in the lease, 21 days if not § 6-321. Illinois No limitation 1 month if deductions, 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 renter has actually vacated § 562A.12. Kansas 1 month's rent (unfurnished), 1.5 months' lease (provided) 2 week after making deductions 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' rent thirty days 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 thirty days after the occupant has actually left Chapter 186, Section 15B. Michigan 1.5 months' lease 30 days 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 the end of occupancy § 89-8-21. Missouri 2 months' rent thirty days from the termination of tenancy § 535.300. Montana No limitation 30 days if reductions, 10 days if no reductions § 70-25-202. Nebraska 1 month's rent (excluding pet cost) 2 week of move-out § 76-1416. Nevada 3 months' lease 1 month from completion of occupancy NRS 118A.242. New Hampshire 1 month's rent or $100, whichever is greater 30 days, 20 days if the residential or commercial property is shown the proprietor RSA 540-A:6, RSA 540-A:7. New Jersey 1.5 months' lease thirty days 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 domestic leases of one year or more thirty days from the termination date § 47-8-18. New York 1 month's rent unless the deposit or advance is for a seasonal usage residence system 14 days after the renter has left Emergency Tenant Protection Act 576/74( f), § 7-108 (e). North Carolina 2 months' lease for occupancies of more than 2 months