Solid lease agreements are key to successful tenant-landlord relationships. The landlord outlines the terms of the agreement and their expectations in these contracts. Without detailed specifications, miscommunications may occur down the line. Writing up a clear and concise agreement, on the other hand, ensures the tenant fully understands what they’re agreeing to. Are you starting up a rental business this winter or making changes to your current policy? Here are five things you should always include in your lease agreements:
5 Items to Include in Your Lease Agreements
1. Occupancy Terms
Every landlord should know how many people are occupying a single unit. You don’t want an individual to move in and invite a friend to couch surf at their residence a week later. Unscreened people who are staying in someone’s residence pose a safety risk for your entire business. Additionally, tenants shouldn’t be allowed to sublet the property without your knowledge. The only people allowed to occupy a rental unit should be those outlined in the lease agreement. Typically, this will include all tenants and any minor children.
2. Rental Agreement or Fixed-Term Lease?
Rental agreements continue on a month-to-month basis and go on indefinitely unless the tenant or landlord cancels the contract. A fixed-term lease lasts for a specific amount of time. Once as a fixed-term lease comes to an end, the tenant can decide whether they want to renew their lease. The choice between these two options ultimately depends on the landlord’s preferences, but it should be clearly laid out in the document.
3. Rent Details
Rent details are the most important part of lease agreements. How much does the rent cost? When is it due? Do you want tenants to pay in-person or online? What payment methods do you accept? You should also address what happens if the tenant fails to pay on time, including late fees and grace periods.
4. Information about Maintenance and Repairs
When a tenant encounters something in need of repair, they should know what to do. All lease agreements should describe the maintenance request process. However, landlords should also let tenants know what maintenance they can or can’t complete on their own. Many lease agreements, for instance, prohibit painting without a landlord’s approval. Tenants should know that they’ll be expected to pay for any damage to the property as well.
5. Rules and Restrictions
Finally, landlords should restrict any dangerous activity on the property. Lease agreements usually include rules related to noise, substance abuse, pets, and other important safety concerns. That being said, adhering to the law is of utmost importance. If you have any questions about what rules and regulations are permitted in your area, contact your local and state governments.
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If you need a property management company in Denver, look no further! All County Denver South Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote, or to learn more about lease agreements, call us at (720) 664-4550.