What Should You Include In A Mid Term Rental Lease?
A mid-term rental (MTR) lease is a legally binding agreement between a host and guest that outlines the terms and conditions of the rental. This means that you'll need to decide based on your local regulations if you want to include a lease for your booking. If you live in a state where there are strong renters rights, you may want to protect your property with a mid term rental lease. Here are some key elements that should be included in a mid-term rental lease:
Identification of the parties
Clearly identify the host and guest, including their full names and addresses.
Description of the property
Provide a detailed description of the property being booked, including the address, square footage, number of bedrooms and bathrooms, and any other relevant information.
Rental term
Specify the length of the rental term, including the start and end dates.
Rent amount and payment terms
Clearly state the amount of rent due, and when and how it should be paid. Include any late fees or penalties for non-payment. Check with your local and state regulations as there may be restrictions on if you can exclusively require the rental payment to be processed online or through a booking site.
Security deposit
Include the amount of the security deposit and the terms for its return at the end of the rental period. Again, you'll need to check with your local laws as some states will require a specific time period for the security deposit to be returned.
Utilities and services
Mid term rentals typically include utility bills and tacked on services in their monthly rental price. If it is not included, specify which utilities and services, such as electricity, gas, water, internet, and cable, are included in the rent, and which are the responsibility of the guest. Alternatively, you can put a cap on the amount of utilities that will be covered in your mid term rental stay and any excess will be paid by the guest.
Maintenance and repairs
Outline the responsibilities of the host and guest for maintaining and repairing the property, and who will be responsible for any damage caused by the guest during their stay. Typically in mid term rentals, all maintenance and repairs will be up to the host.
House rules
Clearly state the house rules, such as quiet hours, no smoking, and no pets, and any other rules that are specific to the property. You can view our blog on typical hours rules for mid-term rentals here.
Insurance
Specify whether the guest must have insurance, or if the host will provide insurance, and the terms of the insurance.
Termination and eviction
Include the terms for termination of the lease, including notice periods and the grounds for eviction. These statements will be heavily based on your local regulations and laws surrounding landlord and tenant relationships.
Governing law
Indicate which state or jurisdiction's laws govern the lease agreement.
Signatures
Both host and guest should sign the lease agreement and keep a copy for their records.
It's important to note that these are just examples of elements that should be included in a mid-term rental lease, and specific requirements may vary depending on the location and jurisdiction. As specified earlier, it's always advisable to consult with a lawyer to ensure that your lease agreement is in compliance with local laws and regulations.
List Your Mid-Term Rental On Homads
If you're looking for a mid-term rental, make sure to check out Homads.
Homads is a platform that allows property owners and hosts to list their properties for mid-term rental and connect with potential guests. The platform is geared towards providing a more affordable, flexible and customizable solution for both guests and hosts as compared to traditional leasing. The platform aims to create a more efficient and transparent rental process, by allowing hosts to list their properties, set their own rental terms, and communicate directly with potential guests.