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8+ Sample Long Term Rental Agreement
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What is a Long Term Rental Agreement?
A long term rental agreement is a document that consists of the consent of a landlord and a tenant for occupancy in a residential property that may take for 6 months or more. This agreement has a longer span than a short term rental agreement which only lasts for a month or so, which is good for vacation-takers only. But if you plan to stay in a place for a long while, like months that may last until a year or so, you must make a long-term agreement with a landlord who owns the house where you will choose to live. There are certain reasons why you will rent a house for this length of time. Maybe you need a long-term rental lease because you do not own a house and renting is your only choice. Maybe a long term lease contract suits you because you are going to accomplish something in a place for about a year and you need a place to stay. Maybe you want to rent a commercial space to try a small business venture in that place. Or maybe you are a nomad who travels and stays from place to place. Whatever is your reason, a long-term rent agreement will be the solution for your need to have a home for a long while. A sample of a long-term rental agreement is Airbnb long term rental agreement. Through this, you can find the perfect house that you need. Long-term rentals are not only possible with houses. There is a long-term rental agreement on a car or a long-term boat lease agreement. Other things may be rented through a long-term rental agreement. A long-term rental contract is good for people who want to rent for a sufficient length of time. They do not have to find rentals from time to time. It can give them convenience and can support their needs. All they need to do is to sustain an agreement.
Elements in a Long Term Rental Agreement
For you to be able to create a long-term rental agreement, you must first know its elements. Look for long-term rental agreement forms or a long-term rental agreement sample so that you can have an idea of the elements that are needed. Or better yet, read the following because we have written some of its elements for you:
Information on Parties
The first thing on a long term residential lease is the data about the two parties involved. The name of both parties should be written clearly. Their contact information should be included. These are address, email address, and contact numbers. These data should be carefully written.
Whether you are renting a house, a car, or any object, you need to include the property information in the long-term rental agreement. You should put what is the type of the property. You should tell something about its description. If it is a residential property, you should put its address, its size, and you should list all its amenities.
You have to be specific in the length of terms. This is the length of time that you will rent the property. Include the type of lease and mention the length of time that you are going to have the agreement. If you need more time to rent the property, you and the owner can agree to renew the agreement if possible. In the meantime, you can rent the property for about a year, a year, or a little more than a year. Mention the start and the end date for your rental with the property.
Then be specific with the amount of rent. Mention the price that you are going to pay each month. Be clear with the date when the amount will be due. You have to be specific with this so that the landlord will have the right expectation. And for the tenant’s part, he or she can prepare herself or himself in these times.
Rights and Duties
You have to list your rights to be definite about them. The tenant has the right to live in the property at the time of rental and the landlord has the right to ask for payment each month. Certain rights need to be discussed. Duties must also be talked about so that both of you will know what to do. Then both have to keep these rights and obligations.
There should be a deposit fee for the long-term rental agreement. This is to ensure safety if ever the tenant cannot pay for a month. The deposit fee can fill up the rent that the tenant cannot pay. The landlord will not fear that he or she will not be paid for the upcoming month.
To avoid any conflict in a residential tenancy, there should be a dispute resolution that will take care of things that can settle everything if ever a dispute arises. A dispute may not be avoided so you should have the best resort of how you can settle things.
Restrictions should be made within the tenancy. Even in shorthold tenancy, there are things that a tenant cannot do. What more in a long-term rental agreement? Some things may be restricted. The landlord just has to be clear about these things. The landlord has to make a list of the things that the tenant cannot do while on his or her property.
In every tenancy, there is a limitation in occupancy. Some may permit to have an occupancy of 3-5 persons only. Others may permit up to 10. The landlord has to be clear about how many people will be permitted to live in his or her residential property. The number of visitors should also be mentioned.
Some rentals have inclusions in utilities. The landlord can pay the water bill, electric bill, and other utilities like internet fees. But there are others that you have to pay your own bills. The landlord has to be specific in these things. If there are inclusions, the landlord can add up the costs in the price of the rent.
The house needs maintenance once in a while. This is something that landlords and tenants have to settle about. Will the landlord pay for the repair if something will be damaged? Or the tenant should be responsible? They have to be clear who should pay for the cost of maintenance.
Tips on Long Term Rental Agreement
Maybe you would like to have a long term rental agreement template or a long-term lease agreement template because you would like to study how to create a good agreement. If you want to create the best agreement, you may need some tips that you can use. Read and consider the following:
How to Make a Long Term Rental Agreement
Whether you will have a simple house rental contract or a long-term residential lease, you need to be skilled in writing the agreement. You need to be clear in terms like how long is a long-term rental agreement. Maybe you will need an Airbnb long-term rental agreement template, long-term rental contract template, or long-term tenancy agreement template. But in case you do not have a template yet, we can provide some steps for you that you can use. They are the following:
Step 1: Search for Tenants
The first thing that you have to do to have a long-term rental agreement is you first have to find a tenant. You can advertise your property on the internet. Make a good photo of it and post it on sites for rental properties. Wait for prospective tenants that will respond to your search. When someone asks for your property, set a meeting with him or her and show your unit. Then start negotiating. You need to talk over everything so you can settle about all terms.
Step 2: Rental Application Form
After you have found the right tenant for your property, make him or her fill up the rental application form. The form has the details about the rent price and the terms of the agreement. You should also ask the tenant for an employment verification letter. You have to check if the tenant is employed to be sure that he or she will have the means to pay you. Ask for proof of income to ensure that he or she is employed.
Step 3: Make a Background Check
Mention to the tenant that you will do a background check. You need to know whether the tenant is a good person or not. You are going to entrust your property to the tenant so you have to be sure about his or her background. You can also ask for the tenant’s credit report. This will reveal his or her nature in paying. You will have an idea whether the tenant will be a good payer or not.
Step 4: Write the Agreement
After checking on everything, you can start writing the agreement. Make a final negotiation with the tenant. You have to agree on everything about the tenancy. Then after your negotiation, write the terms in the agreement. Complete each section of the agreement with the agreed terms. Be clear and specific about everything.
Step 5: Give the Keys of Your Property
At last, the agreement is over! You can give the keys to the tenant to begin his or her tenancy. Give him or her the word that you can be true to the agreement so you are also expecting him or her to follow all the terms. Start a good relationship with the tenant because you are going to deal with him or her for a couple of months or a couple of years.
Is a Long Term Rental Agreement Better Than a Short Term Rental Agreement?
Both are good. It depends on your needs. If you need to stay longer in a place, then a long-term rental agreement is better. But you should know that long-term rental agreement has a lower rent price. So, maybe it is a little better than a short-term rental agreement.
Is a Long Term Rental Agreement Important?
Yes, it is important. Without an agreement, it can be risky for landlords to let the tenants live in his or her property. Especially, if the tenants will want to live there for a long time. So, an agreement is needed.
A long-term rental agreement is needed so that all between the landlord and the tenants will be clear. They do not have to worry about the terms of tenancy. Are you about to make a long-term rental agreement? Do you need a template? This post has 8+ SAMPLE Long Term Rental Agreement in PDF. This will surely help you. Download now!