Mid Term Rental Agreement

[Jeremy Jareckyj]

Anyone have a good MTR furnished rental agreement they would be willing to share?

I have one I have drafted up but would love to compare against others.

What are some items you always included in your MTR rental agreements?

[Nathan Gesner]

Quote from @Jeremy Jareckyj:

Anything rented for longer than 30 days is legally considered a long-term rental. You should follow all the same processes you would with a LTR, including the lease. The only real change is addressing the inclusions.

[Ben Russell]

Although I agree the leases and the legal implications of "Mid-Term" rentals and "long-term" rentals are closly related, I don't think the leases should be identical. 

There are several aspects of a long term lease that are not needed, or additions that should be included in a mid term. People staying for 30-90 days are a completely different customers than someone in a years lease. 

Changes to the lease for stays under 6 months include:

-Changes to the move out terms. LTR tenants are required to have the home professionally cleaned.  In MTR, this provision is changed to a cleaning fee and it outlines specifically what cleaning and tasks the tenant must do before moving out. 

-Changes to lease break situations. We are more willing to break leases due to employment changes in a MTR.  Think contract nurses. 

 -Changes to the timeline for notice to renew.  

-Unless renewed, All MTR leases end and a specific move-out time is listed. 

-Decreased security deposit to 1x for MTR.

-In LTR we allow the use of security deposit alternatives. We don't for MTR. 

-Limits placed on the number of people that can be in the residence at any one time (i.e., no parties, gatherings or additional overnight guests).

-LTR we have 60 days to return the SD.  MTR, we will return it in 30.  

-Detailed inventory and inspection of owners property (this is done for LTR also, but few LTRs are fully furnished and outfitted). 

-Outlines what is considered damage to linens and other personal property (ie., stains, etc)

-MTR we are flexible on the lease end date and will prorate last month's rent.  LTR always ends at the end of the month. 

Most of the core aspects of your LTR lease remain, but there are a few tweeks that I think make MTRs easier to deal with and more appealing to your customers.

[Bonnie Low]

Quote from @Ben Russell:

Although I agree the leases and the legal implications of "Mid-Term" rentals and "long-term" rentals are closly related, I don't think the leases should be identical. 

There are several aspects of a long term lease that are not needed, or additions that should be included in a mid term. People staying for 30-90 days are a completely different customers than someone in a years lease. 

Changes to the lease for stays under 6 months include:

-Changes to the move out terms. LTR tenants are required to have the home professionally cleaned.  In MTR, this provision is changed to a cleaning fee and it outlines specifically what cleaning and tasks the tenant must do before moving out. 

-Changes to lease break situations. We are more willing to break leases due to employment changes in a MTR.  Think contract nurses. 

 -Changes to the timeline for notice to renew.  

-Unless renewed, All MTR leases end and a specific move-out time is listed. 

-Decreased security deposit to 1x for MTR.

-In LTR we allow the use of security deposit alternatives. We don't for MTR. 

-Limits placed on the number of people that can be in the residence at any one time (i.e., no parties, gatherings or additional overnight guests).

-LTR we have 60 days to return the SD.  MTR, we will return it in 30.  

-Detailed inventory and inspection of owners property (this is done for LTR also, but few LTRs are fully furnished and outfitted). 

-Outlines what is considered damage to linens and other personal property (ie., stains, etc)

-MTR we are flexible on the lease end date and will prorate last month's rent.  LTR always ends at the end of the month. 

Most of the core aspects of your LTR lease remain, but there are a few tweeks that I think make MTRs easier to deal with and more appealing to your customers.

 This is spot on. There are significant differences between midterm rentals and long terms both in the lease itself as well as management of the property. Ben Russell has done an excellent job of covering differences in the lease. For your midterm lease, I strongly recommend you use a state-specific lease to make sure all of the landlord requirements are covered as well as any state-specific disclosures. I use the lease feature from Rocket Lawyer as it's part of my tools stack from Baselane - my banking/bookkeeping/tenant management platform. It's thorough, easy to use and easy to modify so you can include your own special terms such as quiet hours, how trash service will be handled, parking, and anything else that is specific to your property. 

[Conner Olsen]

Quote from @Jeremy Jareckyj:

Anyone have a good MTR furnished rental agreement they would be willing to share?

I have one I have drafted up but would love to compare against others.

What are some items you always included in your MTR rental agreements?

 I created one in Apartments.com. It was pretty simple

[Ben Russell]

I would suggest having an attorney at a minimum review any lease you create. 

Generic, state specific leases are just that, generic and simply covering the bare minimum (if that). Our LTR lease is nearly 18 pages long, not including the additional riders for mold, radon, lead based paint, etc. 

Many real estate specific attorneys have leases and other legal documents you can purchase.  This is money well spent.

[Zachary Deal]

Agreed with @Ben Russell. While state specific leases are simple and can work, spending the extra investment and having a real estate attorney help create one for you will likely create more value/protections and save you money in the long run

[Jeremy Jareckyj]

Quote from @Ben Russell:

Although I agree the leases and the legal implications of "Mid-Term" rentals and "long-term" rentals are closly related, I don't think the leases should be identical. 

There are several aspects of a long term lease that are not needed, or additions that should be included in a mid term. People staying for 30-90 days are a completely different customers than someone in a years lease. 

Changes to the lease for stays under 6 months include:

-Changes to the move out terms. LTR tenants are required to have the home professionally cleaned.  In MTR, this provision is changed to a cleaning fee and it outlines specifically what cleaning and tasks the tenant must do before moving out. 

-Changes to lease break situations. We are more willing to break leases due to employment changes in a MTR.  Think contract nurses. 

 -Changes to the timeline for notice to renew.  

-Unless renewed, All MTR leases end and a specific move-out time is listed. 

-Decreased security deposit to 1x for MTR.

-In LTR we allow the use of security deposit alternatives. We don't for MTR. 

-Limits placed on the number of people that can be in the residence at any one time (i.e., no parties, gatherings or additional overnight guests).

-LTR we have 60 days to return the SD.  MTR, we will return it in 30.  

-Detailed inventory and inspection of owners property (this is done for LTR also, but few LTRs are fully furnished and outfitted). 

-Outlines what is considered damage to linens and other personal property (ie., stains, etc)

-MTR we are flexible on the lease end date and will prorate last month's rent.  LTR always ends at the end of the month. 

Most of the core aspects of your LTR lease remain, but there are a few tweeks that I think make MTRs easier to deal with and more appealing to your customers.

 exactly what I was looking for thank you!!!

[Jeremy Jareckyj]

Quote from @Conner Olsen:

Quote from @Jeremy Jareckyj:

Anyone have a good MTR furnished rental agreement they would be willing to share?

I have one I have drafted up but would love to compare against others.

What are some items you always included in your MTR rental agreements?

 I created one in Apartments.com. It was pretty simple

 did you have it verified by an attorney or the ones on apartments.com are already verified?

[Don Konipol]

Quote from @Jeremy Jareckyj:

Anyone have a good MTR furnished rental agreement they would be willing to share?

I have one I have drafted up but would love to compare against others.

What are some items you always included in your MTR rental agreements?

You need to check if the lease you created complies with any regulations of the area you’re in.  In some areas certain provisions MUST be included in a lease.  All municipalities I know of consider an occupancy  of 31 days or more to fall under their tenancy regulations. 

[Conner Olsen]

Quote from @Jeremy Jareckyj:

Quote from @Conner Olsen:

Quote from @Jeremy Jareckyj:

Anyone have a good MTR furnished rental agreement they would be willing to share?

I have one I have drafted up but would love to compare against others.

What are some items you always included in your MTR rental agreements?

 I created one in Apartments.com. It was pretty simple

 did you have it verified by an attorney or the ones on apartments.com are already verified?

I did not have an attorney review it. If you're going to hire an attorney might as well just start with their lease and not have them review someone else's document.

[Jamie Banks]

Here's a few things I include in my MTR lease

- Utility caps

- Outline of the furniture that is included

- Details regarding which utilities are included

- Outline who is responsible for lawn care / snow removal

- List of fees (admin fee, cleaning fee, etc)

[Brady D'Hont]

Jeremy, 

I am also in the process of completing a flip and hold MTR. I am curious to see what you’ve learned over the last few months and what details you have included in your lease agreement. 

Thanks!