The week-to-week lease agreement is the contract to sign. Unlike the standard agreements, this one is drafted and signed between a property owner and a guest. It explains the duties and responsibilities of the two parties.
A week-to-week or otherwise known as a weekly rental agreement is a periodic lease agreement that tenants use to commit to a seven-day tenancy period, each period at a time.
The lease is renewed on a weekly basis until either the landlord or the tenant chooses to terminate it. Such a lease is more customary in residential property leasing. Unlike fixed-term leases, week-to-week rental agreements do not have an end or termination date. The agreement can, however, be terminated by either party through a written notice as directed by the lease agreement or State laws.
Like its name implies, this lease lasts only 7 days. It is renewable, though, and may most commonly stretch beyond the original seven-day limit. All factors considered, the week-to-week rental agreement is the most flexible and reliable way of leasing out a piece of property to guests rather than long-term tenants.
Understanding Weekly Lease Agreement
A weekly lease agreement tackles distinct and pertinent details in and around a weekly-based lease agreement. This includes the rental rates, security deposits, terms, and conditions. To further delve into this, below are things to familiarize before using a weekly rental agreement.
Things to Include
The agreement details important details of the agreement. A standard weekly agreement will basically include the following:
- Details about the parties (landlord and tenant(s)) – The names and addresses of the landlord and the tenant should be provided as they appear on official documents.
- The premises – A description of the rental space must be included, which addresses information like location, number of bedrooms or units, address, etc.
- The physical and postal addresses of the property –Here, the city, state, and zip code wherein the said piece of property is located are clearly stipulated.
- Rent amount – The agreement should indicate how much the tenant(s) are expected to pay as rent.
- Notice – The concerned parties should indicate the exact number of days that a notice should be given before the lease can be terminated.
- Security deposit – Normally, like all rental agreements, a security deposit is needed. If this is the case, it should be declared, and the exact amount communicated.
- Utilities – Leases will often come with certain utilities; the agreement should disclose the available utilities, and, between the landlord and the tenant, who should be responsible for paying the same. Examples of utilities include water, electricity, internet, cable TV, gas, etc.
- The number of occupants – In the event that the tenant plans to live with other people, the agreement should indicate the number of guests or occupants expected, and they should be identified by names.
- Additional provisions – Most residential buildings will have additional house rules and policies. They should be clearly stated in the agreement. Examples of such policies include pets, noise, parking, etc. Some are explained below:
- Utilities: It includes the other fringe benefits that the facility gives off to a would-be occupant. Examples of these include cable television, internet connectivity, and kitchen supplies.
- Carrying capacity: i.e., the total number of persons that the facility may hold at any given time.
- Pets: If the pets are allowed, and how many.
Security deposit: It is the amount of money that is held in trust until such a time that the tenant vacates the premise altogether.
A week-to-week rental agreement has its pros, whether it is towards or against the landlord or either. Consequently, it is important for individuals opting to use it to have a good understanding of its perks before implementing it.
Some of these advantages include:
- Better income – A weekly rental agreement means the landlord gets to fetch a higher income which has been observed to be up to two times more than that of a standard long-term lease of the same property.
- Better flexibility – Both parties are gifted flexibility when it comes to leasing using a week-to-week rental agreement. Either party can terminate the lease with short notice if the agreement does not seem to be working to their benefit.
- Simple advertising – Advertising of property being leased for a short period has become simple and fast as platforms like Airbnb and VRBO can be used to list the property.
Week-to-week lease agreements also come with their fair share of shortcomings.
Some of these disadvantages include:
- Risen turnover – Having tenants lease property for short periods means as the landlord, one must find multiple new tenants in a single month. This can be daunting and involving.
- Narrower laws (depends on the city) – Week-to-week or short-term leases are often closely regulated more than standard leases in cities. This means there are a lot of bylaws to comply with, which can be tasking for landlords.
- More work needed – Leasing property on a week-to-week basis requires a lot of upkeep/work in finding new tenants and prepping the apartment for occupancy.
Forms in conjunction
It is often used with other supplementary documents. Some of these documents include:
- Residential rental application – As with other types of leases, landlords should screen potential tenants to determine their suitability. Thus, tenants are required to fill a residential rental application before signing the lease to assist the landlord with screening.
- Termination notice – In the event, either party wishes to terminate the lease, they should send a letter (termination notice) informing the other party of their intention to end the lease. It should outline the lease’s termination date, reason (if any), and reimbursement of the security deposit.
When Should you Use Weekly Rental Agreement
Like any other contract, a weekly rental agreement outlines the duties and responsibilities of the concerned parties, that is, landlord and tenant. The only difference is the tenant is committed to the tenancy one week at a time. Therefore, it becomes useful when someone intends to rent lease property for a short period or an undetermined period, and renewing the lease after every one or two weeks gives him or her leeway. This way, a person can extend the lease every week or end it if convenient.
PRO TIP: Landlords are advised to have weekly lease agreements when using third-party websites to find bookings.
This way, guests can sign the agreement as a step of the booking process.
Weekly rental agreements should also be used when renting out space to family or friends for a few weeks. Regardless of how uncalled for it may seem, it ensures that the owner of the property is protected, and misunderstandings are avoided.
Such type of agreement can be used in the following circumstances:
- Hosting Short-term Events: When hosting short-term events, it is necessary to use this agreement. It is flexible enough to allow for varying the length and terms of the agreement accordingly. Moreover, it also creates a binding contract that is useful whenever the disputes spill over to a courtroom.
- Leasing your Property to Friends: The idea of signing such an agreement when letting out your property to friends and members of your inner circle may seem awkward. However, it is strongly advisable for the purpose of eliminating ambiguities and helping with sorting out any adverse issues.
- Utilizing Third-party Booking Sites: Even if you opt to lease your property via third-party booking sites, it is important to enter such an agreement. Examples of these are the Airbnb or the HomeAway. Such an agreement yet again will help with sorting out any disputes that may arise in the course of utilizing your property.
Download Free Templates
Here is a free Weekly Rental Lease Agreement Template that can be customized as per need:
Required Termination Notice Periods by States
The laws that govern notice periods for week-to-week leases are different from one State to the other. Below are the state laws applicable in the US.
|State||Notice required||Law (source)|
|Alabama||Seven (7) days||§ 35-9A-441(a)|
|Alaska||Fourteen (14) days||§ 34.03.290(a)|
|Arizona||Ten (10) days||§ 33-1375(A)|
|Arkansas||Seven (7) days||§ 18-17-704(a)|
|California||Seven (7) days||§ 1946|
|Colorado||Three (3) days||§ 13-40-107(d)|
|Connecticut||Three (3) days||§ 47a-23|
|Florida||Seven (7) days||§ 83.57(4)|
|Hawaii||Ten (10) days||§ 521-71(d)|
|Idaho||One (1) month||§ 55-208|
|Illinois||Seven (7) days||735 ILCS 5/9-207(a)|
|Indiana||One (1) month||IC 32-31-1-1|
|Iowa||Ten (10) days||§ 562A.34(1)|
|Kansas||Seven (7) days||§ 58-2570(a)|
|Kentucky||Seven (7) days||§ 383.695(1)|
|Louisiana||Five (5) days||CC 2728(3)|
|Maine||Thirty (30) days||§ 6002|
|Maryland||One (1) week||§ 8-402(b)(3)|
|Massachusetts||Thirty (30) days||Ch. 186 §12|
|Michigan||Seven (7) days||§ 534.134(1)|
|Minnesota||Seven (7) days||§ 504B.135(a)|
|Mississippi||Seven (7) days||§ 89-8-19(2)|
|Montana||Seven (7) days||§ 70-24-441(1)|
|Nebraska||Seven (7) days||§ 76-1437(1)|
|Nevada||Seven (7) days||§ 40.251|
|New Hampshire||Thirty (30) days||§ 540:3(II)|
|New Jersey||Seven (7) days||NJ 2A:18-56|
|New Mexico||Seven (7) days||§ 47-8-37(A)|
|New York||N/A||No statute|
|North Carolina||Two (2) days||§ 42-14|
|North Dakota||One (1) week||§ 47-16-15|
|Ohio||Seven (7) days||§ 5321.17(A)|
|Oklahoma||Thirty (30) days||§ 41-111|
|Oregon||Seven (7) days||ORS 91.050|
|Rhode Island||Ten (10) days||§ 34-18-37(a)|
|South Carolina||Seven (7) days||§ 27-40-770(a)|
|South Dakota||Seven (7) days||§ 43-32-15|
|Tennessee||Ten (10) days||§ 66-28-512(a)|
|Texas||One (1) week||§ 91.001|
|Utah||Fifteen (15) days||§ 78B-6-802|
|Vermont||Twenty-one (21) days||§ 4467(c)(2)|
|Virginia||Seven (7) days||§ 55.1-1253(A)|
|Washington||Twenty (20) days||59.18.200(1)(a)|
|West Virginia||Seven (7) days||§ 55-248.37(A)|
|Wisconsin||Seven (7) days||§ 704.19(3)|
Frequently Asked Questions
In some States, the cooling-off period (period within which signatories to a lease can void the contract after signing) is one to three days. However, as this is not for all States, it is imperative for a person to consult applicable state laws before cancelling the contract. Remember, it is a legally binding document.
Once signed, a lease agreement grants any concerned (landlord or tenant) the legal right to sue or take any necessary lawful step against the other party at fault. A lease agreement can potentially be the reason a dispute between the landlord and the tenant is taken to court, as it can be provided as evidence and point of reference during court proceedings.