Wyoming Standard Residential Lease Agreement
The Wyoming Standard Residential Lease Agreement encompasses the most fundamental terms regarding the lease of a rental property. It is responsive to relevant state laws on the matter, and provides the landlord and tenant with guidance about what matters need to be clearly defined. Beyond the scope of the Lease Agreement, both parties must uphold certain duties mandated by state law. For instance, WY Stat § 1-21-1202 states that owners must, “maintain that unit in a safe and sanitary condition fit for human habitation.”
State Laws & Maximum Security Deposit
Maximum Security Deposit – State law does not impose an upper limit on the amount a landlord may charge as a security deposit. In such cases, it is generally advised for the amount to be set at one (1) month’s rent equivalent. This amount is substantial enough for the tenant to realize the importance of not causing damage to the house, but is also not an unreasonable amount for them to first pay upfront to secure their tenancy.