Magazine | November 2020

Know the Components of an Apartment Lease Agreement Leasing agreements are

Guests: how many guests are allowed in each unit Keys: How many copies can you have? What happens if a key is lost? Is there a fine? Pets: Are pets allowed? Are there pet restrictions? Painting/decorating: Can you paint the walls of your unit? Can you nail things into the walls? Smoking policy: Is it allowed in your apartment? Is it allowed on the property? Subletting: Are you allowed to sublet an extra room in your apartment? Trash: Does someone come by to take it out? Or do you have to take it out yourself? Landlord and Tenant Signatures If the lease isn’t signed and dated, it’s useless. Each signature acknowledges that the landlord and tenant have both come to an agreement and will follow the lease terms. It’s important you also keep a signed copy of the lease and records in your personal file for safekeeping. Lease agreements may seem overwhelming but they’re there to help protect both you and your landlord. Now that you understand the basic components of an apartment lease agreement, we hope you’ll find the process a little easier to maneuver and feel comfortable when signing!

a month-to-month renter or leasing for a fixed-term. Be sure it states the specific dates the lease will begin in end and includes day, month, and year. What’s Provided in the Unit Does your apartment come furnished or unfurnished? If there’s more than just an empty apartment, you’ll likely find a list of what’s included, such as furniture, appliances, etc. as well as the necessary actions if anything becomes damaged. Deposit Fees When renting an apartment, you’ll most likely have a security deposit clause in your agreement. Security deposits are a sum of money that a tenant provides as a protective measure in case of damage in their unit. Depending on which state you live in, your potential apartment may require it upfront. If you leave your apartment in good condition upon move out, you should get this money returned to you. If you plan on bringing a pet, you may also have a pet deposit clause in your agreement. The amount typically depends on a few factors, such as where you live, how many, and the kind of pet. Apartment Lease Regulations Each resident on the property is typically given a set of rules and guidelines to follow. Below are a few of the responsibilities that may be listed:

essential documents between a landlord and a tenant, but not all leases are created equally. At LAA, we know that reading through your apartment leasing guide can be overwhelming, however, it’s important to learn all the components of a lease before you commit. This will define the details regarding your new apartment, so it’s worth going over to make sure you have a full understanding of everything. Below we’ve compiled some of the basic components you’ll find in most apartment lease agreements.

Basic Apartment Lease Information

Let’s start with the basics. In the beginning, it’s imperative that the management company, names of other renters, address, the unit you’re renting, and contact information are all provided. This may seem obvious, but it’s crucial, making it clear who’s liable and bound by the agreement. This could be an issue if you have a roommate that lives with you but isn’t on the lease. Since your name is on it, you’ll be held liable for what they do. Start your lease on the right track by including everyone in the agreement. Apartment Lease Terms and Rent Details Be sure you know all the details– how long is the lease for? How much is the rent? When do you have to pay for it? What happens when the lease is up? This will help determine whether you’re


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