NAA Creates Student Housing Standardized Lease
- May 05, 2011
Arlington, Va.–The National Apartment Association has unveiled a new lease for its National Lease Program, one specifically designed for off-campus student housing. The lease, which will initially be for use in Florida, addresses such questions as the definition of parties to the lease, the lease term, rent and charges, utilities, security devices, damages and reimbursement, rent increases, repairs, notices, default by resident and more.
The niche was previously unserved by the National Lease Program, which will launch its Student Housing Lease in California, North Carolina and Georgia as well in the near future. Leases for the other 37 states in which the program currently operates will follow, based on demand and pending legal review.
“It is only appropriate that the program is made available for the rapidly growing student housing market,” NAA counsel/vice president Michael Semko, notes in a statement concurrent with the announcement of the new student housing lease.
The National Lease Program produces geographically specific leases and other legal documents for multifamily rental property owners, who access them by being members of the NAA and enrolling in the program. The documents cover every aspect of the rental process, according to the NAA, and are reviewed by attorneys to ensure compliance with state law and local regulation. As changes are made in the forms, members receive the updates from the organization.
Currently, about 10,000 apartment properties are enrolled in the National Lease Program, including large, publicly owned companies, as well as smaller independent rental owners. The NAA says the program offers the most widely used set of standardized forms in the multifamily housing industry, with an all-time high in March of more than 3.3 million clicks.