Lease Terms Your Houses for Rent Baltimore Need

A lot of investors understand the basics of what is involved when managing their houses for rent Baltimore. For instance, they know that they need to keep their properties maintained, collect rent from tenants each month and handle the financial side of the business as well. However, what many first-time Baltimore property managers don't understand is what it takes to construct a good lease agreement. Below are the most important terms you need in your lease agreement in order to keep yourself and your properties protected.

1. Tenant(s) Name and Occupancy Limits - While you may think it is fine to just list the primary tenant's name on the lease agreement, in order to keep your investment protected, you need to go ahead and list all of the names of the people that will be occupying the Baltimore rental. Additionally, you should also include a clause that specifically states that the only people allowed to live in the rental are those listed on the lease (and their underage children). If anyone else moves in, their name has to be added to the lease so you can perform a background check on them too.
   
   
2. Length of Occupancy - If you've ever rented houses for rent Baltimore before, then you probably know that they generally come with either a one year lease agreement or a month-to-month agreement. It really doesn't matter which type of lease you choose, just make sure the length of occupancy is clearly outlined in the agreement.
   
   
3. Monthly Rent - While this one is obvious to most property managers in Baltimore, you'd be surprised how many leases don't specify the amount of rent to be paid each month. Not only do you need to be specific about how much the tenant will owe each month in rent, but you also need to specify what date it's due on and what date late fees will be applied.
   
   
4. Additional Fees and Terms - If you require a security deposit, first month's rent payment or a non-refundable pet deposit you need to include the specific dollar amounts for each in your lease agreement. You also need to include the terms surrounding these deposits. For instance, will tenants be able to receive a portion of the security deposits back? If so, how will you determine how much they get back once moved out of your houses for rent Baltimore?
   
   
5. Maintenance - Finally, make sure that you include how maintenance requests should be made and the types of maintenance services you will handle. You also need to be specific about what maintenance responsibilities your tenant is in charge of. This is important, because it will protect you in the long run if you are doing your part, but your tenant deviates from the agreement.