Best simple lease agreement templates for residential properties - by Max Glassburg

Having trouble finding simple lease agreement templates you can trust? You’re not alone. The internet is full of free lease agreements, and they’re easy to find. But how can you be sure that a free lease agreement is legally compliant without hiring an attorney to review it? You can’t. 

On the other hand, legal lease templates are easy to find, but they can be expensive to purchase one at a time. That’s why some property managers choose to write their own rental lease agreements, risking accuracy and legality — just as they would with free templates.

An attorney can always prepare lease documents for you. This ensures compliance, but it’s probably the least efficient and most expensive option.

Somewhere, there has to be a balance between affordability, reliability and simplicity.

To help you out, this article will answer common questions about where property managers can find simple legal lease agreement templates. 

Is it legal to write your own lease agreement?

Yes, it’s completely legal to write your own lease agreement. However, doing so places all the responsibility and risk on you. You’ll need to ensure your lease covers all necessary details and complies fully with local laws. 

For example, a lease that’s valid in upstate New York may be entirely noncompliant in New York City. That’s because NYC requires nearly 30 different brochures and disclosures depending on the apartment’s regulatory status. Due to these complexities, you may need separate lease templates for regulated and unregulated units.

What do property managers miss when they write their own leases?

When drafting leases independently, many property managers overlook essential addenda. Here’s a sample of commonly forgotten items:

• Animal addendum (pets and service animals)

• Appliance guidelines, rules and responsibilities

• Asbestos disclosure

• Community rules

• Laundry and recreational facility usage

• Crime-free addendum including a tenant’s right to contact law enforcement

• Fireplace or wood pellet burning rules

• Distinctions between furnished vs. unfurnished units

• Smoke and carbon monoxide detector guidelines

The list of potential omissions is extensive, and this list only scratches the surface. Most property managers simply don’t think of all these items, increasing risk when drafting leases themselves.

So, while it’s perfectly legal to create your own lease, the critical question remains: Should you?

Free lease agreement templates: Pros & cons

Free online templates are rarely updated or tailored to specific local regulations. While they may seem like an easy solution for those seeking simple lease agreement templates or basic residential lease forms, they can come with serious drawbacks. 

Free lease agreement templates lack this diligent maintenance, potentially leaving property managers using outdated or incomplete documents. In most cases, the potential legal headache is not worth the “savings” of free templates.

Who uses free online leasing docs?

If you only manage one or two doors, you might be able to get away with free lease agreement templates. But even then, and especially as your business grows, you’ll want rental agreements that cover your bases.

Attorney-prepared leases: Pros & cons

Attorney-prepared leases offer customization specific to your needs, which can be advantageous. However, most property managers don’t update these leases regularly. For example, a lease drafted by an attorney in 2019 that’s still in use today likely doesn’t reflect current laws.

Integrated lease docs are a perfect fit

If you’re looking for lease agreements you don’t have to update and manage yourself, look for professional lease documents that integrate seamlessly with your property management system. This integration automates data entry, including tenant names, unit numbers and rent amounts. Once a lease is set up, each subsequent lease requires just a few clicks, bypassing the need for redundant manual data entry.

These lease docs offer reliability, affordability and simplicity that property managers look for. You won’t have to continuously monitor legislative updates or keep track of local city and county laws. Your system will ensure lease templates are updated to reflect any legal changes. 

The right leasing tool incorporates regular updates directly into your leases, eliminating dependence on law firms for notifications about legal changes. That’s a significant advantage for anyone looking for reliable and simple lease agreement templates.

Disclaimer

This discussion of simple lease agreement templates is for general information purposes only. The opinions, analysis and commentary expressed are not and cannot be relied on as legal advice, and do not necessarily reflect the views of Yardi Systems, Inc. or any of its affiliates.

Max Glassburg is a senior marketing writer with Yardi Breeze, Santa Barbara, CA.