When it comes to renting a home, a Residential Lease is an essential document for both landlords and tenants. It establishes the responsibilities and rights of both parties, provides legal protection and stability, and is an important tool in protecting tenants from negligent landlords.
There are several types of residential leases that are suitable for different situations and needs. The most common are fixed-term and month-to-month leases, but it is also important to understand what other kinds of agreements are available for renters.
Legal Protection
A Residential Lease is the perfect vehicle to convey your legal rights and responsibilities to your landlord. A lease will help you and your landlord avoid disputes about rent, repairs, evictions, etc.
A well-crafted Residential Lease will also eliminate many of the more common problems that arise between a landlord and a tenant, and save you time and money in the long run.
In New York, we have a couple of laws that are specifically designed to protect you as a tenant.
One of the most important is the Fair Housing Act. Its main goal is to protect renters from discrimination based on their race, gender, age, religion, disability, marital status, sexual orientation and other factors.
Another good law for New York tenants is The Emergency Tenant Protection Act (ETPA). Its most notable feature is its use of the newest technology to give you a break from a re-rental if you have moved out before your lease or rental agreement has expired.
Flexibility
Flexible leases are a great option for people who may not be able to commit to long-term leasing contracts. This could be due to a temporary job relocation, an internship in a new city, or even just a sudden shift in your lifestyle.
For those looking for a flexible living situation, month-to-month rentals are becoming more popular than ever before. This type of leasing allows you to move into a home on your terms, so you can find the right space for your needs.
Often, a flexible rental will also be less expensive than a longer-term lease. This is due to the lower risk associated with renting out a property for short periods of time.
This type of flexible rent can be used for a variety of situations, from renting out a house in a new area to leasing a commercial property for your business. Regardless of the purpose, flexible rent offers many benefits for both landlords and tenants alike.
Security Deposits
Security deposits are a standard part of a Residential Lease, and they help protect your property. The money is collected from the tenant upfront, and is returned to them when they move out unless they are behind on rent or have caused significant damage to the property.
Landlords must return the security deposit and any accrued interest to tenants within a specified time frame, depending on your state’s laws. The time period varies, so it’s important to know your state’s landlord-tenant laws prior to moving in.
In New York, for example, owners of apartment buildings with six or more rental units must keep a portion of the security deposit in an interest-bearing account. The owner may also keep 1% of the balance each year for administrative fees, but the rest belongs to the tenant. At the end of a lease, the landlord has to either return the balance with interest or reduce the tenant’s last month’s rent with the deposit amount.
Responsibilities
One of the most basic landlord responsibilities is to provide tenants with a safe and habitable rental property. This is often referred to as the Implied Warranty of Habitability, and it’s a legal standard that makes sense.
Maintenance is another important landlord responsibility. Unless the lease specifically assigns this duty to the tenant, it’s generally the landlord’s job to keep the electrical, plumbing, heating and air conditioning systems in working order.
Landlords also need to make sure that the tenant can operate safety devices like sprinkler systems, smoke detectors and carbon monoxide alarms correctly. Additionally, they must ensure that the exterior doors and windows in a building lock properly and safely. Lastly, they must be mindful of noise levels in the building and report any complaints to authorities as quickly as possible.
