There are 22.7 million units owned by individual investors and another 25.8 million units owned by businesses. Each one of these properties requires a lease agreement between the tenant and the owner landlord.
But not all of these properties can use the same agreement. Several specifics apply to each type of lease that is necessary for an effective agreement. Luckily, there are several printable lease agreements available online.
This guide will explain the different types of lease templates available to help you choose the right one for your property.
1. Residential Lease Templates
The most common type of lease is a residential one. This is when a family or individual will rent a home. The home could be a single-family house, apartment, condo, townhome, or duplex.
These leases are typically for one year, but they could be a few months shorter or longer. The agreement will require the tenant to pay monthly rent for the duration of the lease.
2. Commercial Printable Lease Agreement Templates
If you have a commercial property, then the tenant will be a business instead of an individual or family. These are typically longer than residential leases, at least three years. But it’s not uncommon to find commercial leases for five, ten, or even fifteen years.
There are three types of commercial leases, triple net, gross, and modified gross. You’ll use this type of lease for renting an office, retail, industrial, warehouse, and flex space property.
Triple Net (NNN) Lease
With this type of lease, the tenant takes on additional property costs. These include expenses like building insurance, taxes, and maintenance costs. The advantage of this type of lease is that the monthly rental costs tend to be lower.
This type of lease requires the tenant to pay a single flat fee or “gross” rental amount. The landlord will then pay the rest of the real estate expenses. This is similar to how residential leases work.
Modified Gross Lease
This type of lease is a customized agreement between the landlord and the tenant. Each one is different based on the needs of the landlord and the tenant. It’s a combination of gross and NNN leases in that both parties take on some of the property costs.
3. Vacation Printable Lease Templates
If you have a vacation rental property, then a vacation lease is the perfect short term lease that you can use for those who book the property for a stay. This type of lease is typically less than 30 days. If it were for longer, then it would be a residential or month to month lease.
There will also be additional terms that pertain specifically to renting a vacation property.
4. Month-To-Month Lease
This is a temporary type of agreement. It’s typically a short term alternative to a residential lease. The tenant or landlord can terminate the agreement with short notice without penalties. It’ll automatically renew each month until someone terminates it.
With a standard residential lease, there are penalties for breaking the lease early. With a month to month lease, it typically requires 30 days’ notice. The specific requirements can vary from state to state, though.
Find the Perfect Printable Lease Agreement
As you can see, the first step in having a successful renting experience is choosing the right printable lease agreement. This will ensure it has relevant lease terms. It will also help you to have the necessary terms to protect both the landlord and the tenant.