Lease

A lease is a binding contract between a landlord and a tenant that defines the terms of a rental: the unit being rented, the rent amount and due date, the duration of the tenancy, the security deposit, who pays utilities, rules on pets, occupants, alterations, and termination. Most leases are written, though oral leases of up to one year are enforceable in most states (longer ones run into the Statute of Frauds).

Leases come in two main flavors: fixed-term (one year, two years) and month-to-month. A fixed-term lease locks both parties in for the duration; a month-to-month tenancy continues until either party gives notice (typically 30 days, more in some states for landlords).

Landlord-favorable boilerplate is common. Some clauses are unenforceable regardless of what the lease says — waivers of the implied warranty of habitability, waivers of the right to a court hearing before eviction, "no withholding rent for any reason" clauses, automatic-eviction-on-late-rent clauses. Read what you sign, but don’t panic if the lease has unenforceable terms; courts will strike them.

Key things to verify before signing: the rent and any planned increases, the security deposit amount and refund procedure, who is responsible for which repairs, the policy on subletting, the policy on guests and additional occupants, what happens at the end of the term (auto-renewal, month-to-month rollover, vacate). Get every promise the landlord makes in writing — verbal promises are notoriously hard to enforce later.