Iowa Standard Residential Lease Agreement
The Iowa Standard Residential Lease Agreement binds tenants to a one (1) year contract for the renting of a non-commercial property. Once all necessary signatures have been recorded on the form, the move-in process can begin. For security deposits, Iowa law restricts landlords from charging more than two (2) months of rent as a security deposit.
Tenant Screening: Iowa Rental Application
Maximum Security Deposit (§ 562A.12(1)): Two (2) months’ rent.
Security Deposit Interest (§ 562A.12(2)): Landlords are permitted to keep any and all interest that accrues on a security deposit for the first five (5) years. After that date, the landlord must begin reimbursing the tenant(s) the interest that accumulates. The deposit must be kept in a separate account than the one the landlord keeps their personal funds in.
Returning Security Deposits (§ 562A.12(3)(a)): Once the tenant has moved out, landlords have thirty (30) days to return the security deposit.
Allowable Deductions (§ 562A.12(3)(a)): The landlord can make deductions from the tenant’s deposit for any of the following:
- Remedy a tenants’ default (non-payment of rent).
- Return the rental to its original condition prior to the tenant’s move-in. Damage that resulted from typical wear and tear cannot be deducted.
- Recover any expenses that resulted from the landlord having to re-possess the rental from a tenant who refuses to vacate upon the date stated in the rental contract.
Notice for Increasing Rent (§ 562A.13(5)): Thirty (30) days with written notice. The date cannot be before the expiration date of the signed lease.