Current rental rates are high enough to make rental housing prohibitively expensive for many new adults. As a result, many young professionals, college students and recent high school graduates continue living at home with their families for years.
It is natural for first-time renters to be quite excited about the prospect of living independently. Frequently, tenants rush through lease signings without properly reviewing the documents. They may then find themselves surprised by their landlords’ conduct in the future.
What do tenants need to understand about leases before signing them?
Standards for security deposit
The state does not actually limit the amount of the security deposit. Landlords can set deposit amounts based on their perceived risk and the value of the property, along with other factors. However, they are subject to certain rules regarding the retention of a security deposit. The lease may include terms requiring the completion of an inventory detailing the property’s condition shortly after assuming tenancy. Verifying that information and completing the documents as required is critical for tenants hoping to retain their security deposit after the end of the lease.
Lease termination rules
There are many different types of leases that tenants can sign. Some people assume month-to-month tenancies. In such cases, they may receive as little as 30 days’ notice before they need to vacate the unit. Others may sign long-term leases that last a year or even multiple years. Longer leases often include terms related to early termination. Tenants may want to check how much notice they have to provide their landlord and what, if any, financial penalties may apply if they try to end the lease early.
Property maintenance and inspection standards
Landlords typically communicate with tenants as a courtesy before accessing their property unless there is an emergency. Some landlords include language in leases intended to grant them immediate access for inspections of the property. Given that the state does not restrict landlord access, the terms of the lease may dictate how much, if any, notice tenants receive before a landlord tries to access the property.
Typically, landlords have responsibility for maintenance and repairs to residential dwelling units and their various amenities. Some landlords may try to pass that obligation to tenants by including certain terms in the lease. It is critical for tenants to review maintenance and repair clauses, as well as any language related to landlord and worker access to the property.
In some cases, tenants preparing to sign a lease can negotiate less lopsided terms. Other times, reviewing a lease may make it clear that a particular rental arrangement may not be in a tenant’s best interests.
Reviewing the language of a residential lease with a real estate attorney can help those preparing to move out on their own protect themselves. Lawyers can help tenants make sense of complicated lease language and can inform them of their rights under state law.