5 Things to Know Before Signing Your Lease Agreement

So, you’re thinking about signing a lease agreement for a rental home. That’s a big step! Before you put pen to paper, it’s important to know what you’re getting into. 

To help, we compiled a list of tips to help you consider whether the lease will work for you or not.  

Before Signing a Lease Agreement 

First, check the lease term and renewal options to ensure they work for you. According to The U.S. Bureau of Labor Statistics, 59.6% of leases were 12-month leases. However, some property managers will offer shorter or longer options. 

Avoid committing to more time than you should. Remember, lease renewals are easy to sign on for, but it can be difficult to end a lease early.   

Next, take a good look at the rent amount, payment terms, and any additional fees. Calculate whether the total costs fit your budget and understand when and how you need to pay. You should also understand what actions trigger penalties for late payments. 

If you have any questions concerning your rental agreement, don’t be shy! Ask your property manager for clarification. 

Before you move in, you’ll want to inspect the home carefully and document any existing damage or wear and tear. Taking detailed photos or videos is a good way to keep a record, in case there’s any confusion later. If there are any damage or maintenance issues, notify your property manager right away so they can take care of it.  

It’s also important to know how much the security deposit is and what conditions need to be met for a refund when you move out.  

Know your duties as a tenant for upkeeping and making small repairs in your rental home. Find out what the property manager is responsible for and how to report any maintenance issues. 

Property managers understand that routine wear and tear happens, but you’ll still want to keep your living space in good shape. We recommend following this Maintenance Schedule to stay ahead of most maintenance items. 

Life can throw us curveballs sometimes so it’s good to know your options for ending your lease early if you need to move unexpectedly. Look into the notice period required for ending the lease and any fees or penalties that might come with leaving early.  

We created a helpful resource guide for those looking to apply for a Progress Residential rental home! In it, you’ll discover lots of great tips to help streamline filling out a Progress leasing application. 

Before you sign any rental lease, take the time to really understand what you’re agreeing to. Read it carefully, ask questions, and get any necessary clarifications from the landlord or property manager. Being well-informed will give you confidence and peace of mind as you start your rental journey!