NH Rental Agreement

[onthebay]

I finally gave up on selling my condo and have decided to rent it. Does anyone have a sample rental aplication and rental agreement that they could share. Also is there a standard release form available for doing credit and background checks...thanks

[upthesaukee]

I finally gave up on selling my condo and have decided to rent it. Does anyone have a sample rental aplication and rental agreement that they could share. Also is there a standard release form available for doing credit and background checks...thanks

Most office supply stores (Staples, Office Max, Office Depot) and perhaps some of the larger drug stores may have the forms you want in their legal form section. They may also have software with many forms on the CD such as rental applications, credit checks, eviction notices, notice to pay or vacate, etc.

[EllyPoinster]

A number of documents are available on the WWW. Google "rental agreement" and see if the results give you something you can use.

[onthebay]

What is the standard policy in NH, 1st month rent, last month rent and one month security? From your experience as renters and landlords what is the norm?..

[TomC]

What is the standard policy in NH, 1st month rent, last month rent and one month security? From your experience as renters and landlords what is the norm?..

i found that you have to use your judgment on the upfront cash policies. Assume you are renting your unit for $750-$1000 (or more). First, last and secruity can add up to $2-$3K+. Depending on a prospective tenant's credit, there may be utility deposts, too. Then furniture. Someone starting out often does not have $4-$5K to get started in an apartment. If they did, they'd perhaps be looking to buy a place.

So if you require a hefty cash outlay to get into your unit, you can probably assume that the tenant wil be OK paying the rent. The problem is that there are fewer people in that bracket looking to rent - and there are a lot of units available... One month's missed rent while you search for the perfect candidate negates the perceived advantage.

A couple of ways to deal with this (i employed these approaches from time to time when i was a landlord)

1) take 1st month's rent and security, but not require the last month in advance, - amortize it as they go along (if you have a 12 month lease, add 1/12 to the payment - in MA this has to go into a separate escrow acc't, you aren't allowed to co-mingle this month with rent proceeds)

2) since you want to sell, get buyers on your side and into your unit by considering an option-to-buy deal. As the tentant rents, they pay a little more than market, but this goes toward the eventual purchase - if they so choose. If you collect an extra $200-300/month, after 2 years the tentant has a couple of grand toward the downpayment which makes it easier to get financing (the funds needn't be saved, you are documenting the 'buydown' that the tenant has as a credit and they eventually bring less cash to the closing). The bank doesn't have to wonder where the down payment came from either. Since the tenant begins to feel a degree of pride of ownership, (the idea is that the home is more than a simple rental) they tend to treat it well and negate some of the need for a security deposit. If the tenant does not buy at the end of the option-to-buy term the money is yours.


In short, in an anti-sellers market, it may seem advantageous to create the requirement for all sorts of cash down to get into a rental unit - but that can be counter productive. Again, folks that can plunk down a few grand unfortunately are probably not going to be looking to rent your unit (unless they are a temporarily located executive or something). Meanwhile "Commercial" apartment rental companies are offering free months rent, free hot water, etc., and you have to compete with them.

Good luck!