6 Terms to Include in Your Rental Agreement

It’s a good idea to have every tenant sign a detailed rental agreement. When you write the agreement, there are some specific points you will want to include to better protect your property and yourself. These terms will affect your relationship with your tenants and how they use your property.  

1. Specify the Rent

Your rental agreement should specify how much you’ll expect your tenant to pay each month and how you will collect the rent. This clause should also mention any late fees or penalties that you will charge for late or delinquent payments. 

2. State the Security Deposit

Make sure to include a separate paragraph that discusses the security deposit. Include the amount of the deposit. You should also describe the conditions in which you won’t refund part or all of the deposit.

3. Outline the Pet Policy

If you’re going to allow the tenant to keep pets, describe the restrictions you’ll impose. Mention any weight limits or breed restrictions you want to include. If you’re going to charge a pet deposit or pet rent, make sure to mention that as well.

4. Address Property Damages

There should be a section that describes wear and tear versus excess damage. Your tenant should be aware of any consequences for causing excess property damage, such as requiring them to pay for the repairs.

5. Discuss Apartment Access

You might want to inspect the apartment once every six months, or you might need access to the rental unit to provide pest spraying and other services. Make sure to mention this in the agreement and let the tenant know that you’ll give 24-hour notice of your intent to enter the unit.

6. Establish a Smoking Policy

You may not want tenants smoking in your unit. If this is the case, mention that in the rental agreement. Smoking can also include vaping, so make sure to mention if you want to prohibit all forms of smoking. Otherwise, a tenant may assume you intend to prohibit only tobacco smoking.

Get Professional Property Management Help

Reliable Property Management, Inc. offers services that will help you save time and money in managing your rental properties. Call us today at (443) 869-3799 to learn how we can help you.