Weekly rental agreements are similar to longer rentals, but they are designed to help you define the terms of short term rentals for guests, and even vacation rental and other properties that don’t have long-term tenants. Like other lease agreement documents, a weekly rental agreement protects both the property owner and the tenant, so it’s important to get them right.
Weekly rental agreements can be used for a wide variety of situations. They can be useful if you have a friend staying in your home temporarily, but they can also be used as a standard lease agreement for a rental property.
Here are some examples of common situations when you might want a weekly rental agreement:
Weekly rental agreements are a good option anytime a month to month rental agreement isn’t a good option, but a lease agreement is needed to make sure the property is respected, the owner gets paid, and potential tenants don’t overstay their tenancy.
These agreements can also help to outline included amenities like kitchen supplies and well as renter and owner responsibilities.
Real estate lease agreements really do benefit both the landlord and the tenant, so it’s important to make sure you get your rental contract right. Here are the pros and cons of these agreements from the perspective of both a landlord and tenant.
Week to week rental agreements let you lay out the terms of the agreement upfront, which give you a lot more legal protection if your tenant violates any part of the agreement. It also makes it much easier to ensure your tenants leave (or sign another week’s agreement) when the agreement ends.
It also gives you an opportunity to outline everything included in the rental. For instance, you can list the included supplies and amenities in a vacation home to make sure you aren’t constantly needing to replace bedding and other supplies.
Your agreement also outlines your rent amount, which gives you more power to ensure you receive that rent in full along with any additional fees.
However, weekly rental agreements do mean that your tenants are only going to be there for a short period, and it’s likely that you’ll have some gaps where your rental isn’t earning income.
It can also be difficult to get all the terms and agreements in your lease agreement unless you use a lease agreement template. It can take some trial and error, and you may need to change your rental agreement if you have property in multiple states. That’s because state laws can vary quite a bit when it comes to rentals.
Fortunately, there are plenty of lease agreement templates you can choose from to suit different properties and states.
A good rental agreement, even for weekly rental properties, will outline exactly what is expected of the tenant. That way, you know what you can or can’t do on the property. You’ll also know about possible fees or breaches of your rental agreement form ahead of time.
Having a document you can refer to also makes it easier to deal with your landlord. You’ll also have something that clearly defines the term of your rental, so you know how long you have and when you might need to sign another rental agreement.
However, these shorter agreements usually come with higher rent payments than the same amount of time in longer rent. These documents can also get relatively lengthy with a lot of small terms and agreements that can be hard to remember.
Your agreement form needs to include some basic information regardless of where your rental property is located, this information is critical to making your rental clear and to outline the terms of the rental in a legal sense.
You need to include, at a minimum:
Rental agreements need to be filled out in full to be valid, and it’s important to make sure the full agreement is filled in for both the tenant and the landlord so you know exactly what the agreement is.
Step 1: Fill Out the Effective Date, Renter, and Owner Names
For these short term rental agreements, it’s important to define the exact start date in this section. You’ll also need to list the owner and renter name(s) so you know who the agreement is between.
Step 2: Recitals Section
We’re going to break this section down into smaller chunks. To start with you’ll need to fill in the exact address, including the unit number if applicable.
You’ll also have noted in this section whether any parking is provided, and any other privileges included with the rental.
Step 3: Pets, Terms, And Rental Amount
The landlord will fill out whether pets are allowed, along with any rules for the number of pets, and provisions for pet damage. This section will also note whether the property is furnished and any linens or other supplies included in the rental.
This is where the payment amount per week will also be outlined.
Step 4: Security Deposit, Maintenance, and Insurance
If a security deposit is required it will be listed here. The Lessor will also list any required maintenance or insurance they require from their tenants. These terms are part of what you agree to when you lease the property, but you can discuss it with the landlord if necessary.
Step 5: Termination, Sale by Landlord and Other Terms, Conditions, and Limitations
This final section is all about how the lease could be terminated, and outlining the privileges and limitations of landlord power. Under most agreement template forms this is where the agreement will outline that the landlord must provide reasonable notice of sale of the property and other details.
Step 6: Agreement Signatures and Date
If you agree to the terms and agreements as outlined in the document, the last section is to sign and date the agreement. Both the landlord and the tenant must sign and date the agreement.