Lease questions for renters

[Scott Nguyen]

For investors that rent out their property, how long is your lease? Why so? What are some must-have clauses in your lease?

Are leases optional? Or do you have it just so there are guidelines for the renter (also yourself)?

[Troy Weygandt]

@Scott Nguyen Leases vary a lot by state. Your property manager or Realtor should be able to provide you with a lease for your state. With that said, as a Realtor in NJ, I always write my leases to best protect my client. Most of my leases are for 1 year. For the landlord, that gives you time to see how the tenants will act. Are they paying on time? Do they report problems quickly? Do they cause problems? If there are any problems during the first year, don't renew the lease. If there are no problems, then sign another 1 year lease. I'll also include anything that isn't standard in our leases. Things like who is responsible for landscaping and snow removal. Are pets allowed and specifically what pet. Not just a blanket statement of "dogs are allowed" but "30 pound dog".