How to Lease a Property: The Full Process For Landlords 

Leasing a property is a fundamental part of being a successful landlord, but it involves much more than simply finding a tenant and signing a lease. From preparing your rental for showings to managing the lease throughout its term, each step in the landlord lifecycle plays a crucial role in protecting your investment and attracting reliable tenants. 

This guide breaks down the entire leasing process into clear, actionable steps, helping you navigate everything from marketing your property to handling move-out inspections. 

Plus, discover how tools like Landlord Studio can streamline your workflow, automate key tasks, and keep your rental business running smoothly every step of the way.

Step by Step Guide To Leasing Your Property

Step 1: Get the Rental Ready and Show It

Begin by preparing your rental unit for prospective tenants. Deep clean the space, complete any necessary repairs, and ensure the property meets local housing codes and rental regulations. A well-maintained unit not only attracts better tenants but also justifies your desired rental rate. Consider conducting a local market analysis to price the unit competitively.

Once the unit is ready, use Landlord Studio to create a rental listing and syndicate it to major platforms like Zillow, Zumper, Realtor.com, Trulia, and HotPads all from one dashboard. This saves time and ensures your property gets maximum exposure.

Schedule showings with interested renters and highlight the unit’s best features during walk-throughs. Be prepared to answer questions and help them envision your property as their next home.

Use your listing to highlight standout features, such as energy-efficient appliances, renovated interiors, or a great neighborhood. Landlord Studio allows you to include photos and a detailed description to attract the right tenants from the start.

Related: A Landlord’s Complete Guide to Finding Tenants

Step 2: Have Prospective Tenants Fill Out an Online Application

Once someone expresses interest, request that they fill out a rental application. With Landlord Studio, you can collect online applications, which saves time, keeps everything organised, and streamlines tenant selection. Tenants can complete the form from their phone or computer and submit any required application fee digitally.

A comprehensive rental application should collect:

• Full name
• Contact information
• Current and previous addresses
• Employer and income details
• Rental history and references

You can also ask for additional documents like proof of income or an employment verification letter, which can be uploaded directly through the Landlord Studio platform.

Note: Be sure you’re following Fair Housing laws and avoiding prohibited questions to stay compliant with federal anti-discrimination laws.

Step: Screen Tenants with Credit and Background Checks

After reviewing applications, it’s time to screen applicants. With Landlord Studio, you can run comprehensive tenant screening reports powered by TransUnion, including credit, background, and eviction history, in just a few clicks. The screening fee is typically paid by the applicant.

Once you’ve reviewed the reports, notify applicants of your decision using formal approval or denial letters. Landlord Studio also offers templates, including online rental applications and a free Adverse Action notice template, which you can download here.

Step 4: Check References

Even with a clean screening report, it’s important to follow up with references—usually former landlords or employers. Ask questions like:

• Did they pay rent on time?
• Were there any complaints?
• Would you rent to them again?

This final step gives you personal insights into the tenant’s behavior and reliability.

Step 5: Negotiate Lease Terms

Once you’ve selected a qualified applicant, discuss the lease terms. You may want to negotiate aspects such as the move-in date, lease length, or pet policy. Be flexible where you can, but stay firm on non-negotiables to protect your investment.

Step 6: Sign the Lease Agreement

Create a formal lease that outlines:

• Lease start and end dates
• Rent amount and due date
• Security deposit terms
• Utility responsibilities
• Policies for late payment or early termination

You can upload and store signed leases securely in Landlord Studio, making them easily accessible if issues arise later.

Step 7: Collect Deposits and Hand Over the Keys

Once the lease is signed, collect the first month’s rent and security deposit. With Landlord Studio’s online rent collection, tenants can pay securely via ACH transfer, and you can issue digital rent and deposit receipts automatically.

Before handing over the keys, conduct a move-in inspection using a rental checklist. Landlord Studio lets you store inspection reports and photos, which helps if there’s ever a dispute when the tenant moves out.

Step 8: Manage the Property

Your job doesn’t end when a tenant moves in. Ongoing responsibilities include:

• Collecting Rent: Use Landlord Studio to automate rent collection, send payment reminders, and generate financial reports.
• Staying Compliant: Track maintenance, deliver legal notices, and document communications with your tenant.
• Maintenance and Repairs: Keep your property in good condition by responding promptly to maintenance requests.
• Tenant Communication: Respond to questions or complaints quickly to build a positive landlord-tenant relationship.

Step 9: Renew or End the Lease

As the lease term nears its end, decide whether to renew or end the lease agreement. If you’re happy with your tenant, offer a lease renewal. If you or the tenant chooses not to continue, use a lease termination letter.

Landlord Studio makes it easy to track lease end dates and send reminders, helping you avoid lapses in occupancy.

Step 10: Return the Security Deposit

When the tenant moves out, inspect the unit and compare it to your move-in records. If there’s no excessive damage or unpaid rent, return the security deposit within the legally required timeframe.

With Landlord Studio, you can document and compare inspection photos, track deposits, and provide itemized deductions if necessary, helping you stay compliant and avoid disputes.

Related: State by State Guides To Landlord Tenant Laws

What Are the Different Types of Leases?

Before signing a lease, it’s important to select the type of agreement that best fits both the landlord’s and tenant’s needs. Here’s a breakdown of the most common lease types you should know about:

1. Fixed-Term Lease

This lease specifies a clear start and end date, commonly six months or one year. When the lease term ends, the tenant can either move out or renew the lease if the landlord agrees. Fixed-term leases provide stability and predictability, making them ideal for landlords seeking consistent tenancy. Tenants are generally required to give notice or stay until the lease expires before moving out.

2. Month-to-Month Lease

Offering flexibility for both parties, a month-to-month lease automatically renews each month unless either the tenant or landlord gives proper notice to end it. Tenants appreciate the freedom to move out with short notice, while landlords can adjust rent or request new terms more frequently. However, landlords should note that this flexibility often leads to higher tenant turnover.

3. Room Rental Lease

Used when renting a single room within a shared home or apartment, this lease outlines terms specific to the rented room along with shared responsibilities for common areas. It typically includes rules about maintaining shared spaces and guest policies to ensure harmony among residents.

4. Sublease Agreement

A sublease happens when the original tenant (sublessor) rents the property to someone else (sublessee) while still holding responsibility for the lease. Most leases require landlord approval before subleasing, so tenants should always check the terms and seek permission beforehand.

5. Commercial Lease

Designed for businesses renting office, retail, or industrial spaces, commercial leases are more detailed than residential leases. They address property use, maintenance duties, and often calculate rent based on the business’s income or sales. Key elements include lease duration, rent structure, and any special requirements the business must follow.

Final Thoughts: How To Lease A Property

Leasing a property may seem complex, but by following a structured process, you can minimize risks, keep vacancies short, and ultimately maximize returns. 

From getting your rental ready and screening tenants to managing the lease term and collecting rent to handling move-outs, each stage requires attention to detail and compliance with local laws. 

Leveraging technology like Landlord Studio simplifies many of these tasks, making it easier to attract quality tenants, stay organized, and maintain a positive landlord-tenant relationship. 

Whether you’re a seasoned landlord or just starting out, mastering the leasing lifecycle will set you up for long-term success and peace of mind in your rental business.

Create your free Landlord Studio account today.

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