As the owner or property manager of a short term rental, do you require renters to sign a lease? Some individuals want a lease signed for a stay of any length, while others don’t require leases from renters even for extended stays. Some require a lease for stays of a certain length but don’t make it mandatory for shorter stays.
If you’re questioning whether you should use a lease, we have the information you need to go forward. We can help you ensure that your furnished rental is protected in case of issues with tenants in the future.
Risks of Not Implementing a Lease
When you don’t have a written agreement with the people staying at your property, it can lead to issues down the line. If there isn’t an agreement in place, any disagreement about the property can escalate into a much larger issue. Something as simple as an argument about repairs, late payments, or security deposit deductions can turn into a hassle.
In many areas, collecting a security deposit for repairs or unpaid rent requires a lease. If this isn’t present, it can turn into a larger issue and even lead you to a court case. Having a lease will protect you and your property while giving your tenants an understanding of what you expect from them.
However, those who rent their property for short periods have less to worry about. If someone occupies your short-term rental for less than a month, a lease may not be quite as important. Anything more than that should have an agreement associated with it to ensure all the essential details are noted.
Do your own lease or let CHBO do it
When you advertise your furnished rental on Corporate Housing By Owner (CHBO), we make it easy to offer a lease to potential renters. If you’re already registered, you can visit your dashboard to access a lease template. This can be used for your rentals and you can make changes to ensure it meets your needs.
To make things even more convenient, CHBO offers services to handle your entire rental transaction. This means you can use your extra time to deal with other parts of your business. For anyone who offers corporate housing, a lease is a good thing to have on hand. Protect yourself, and do it easily with the help of CHBO.
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