What are lease agreements?
Lease agreements (sometimes called rental lease agreements) are legal documents agreed upon between renters and property owners/landlords. They give the tenant the right to live in a given property for a fixed term, usually 6 to 12 months. This contract binds both parties to the terms set by the lease and often contains clauses and stipulations that govern the contract and how it may be terminated or renewed.
A well-thought-out residential lease is clear, with thorough expectations that outline rules for pets, rent amount, acceptable use of the property, grounds for eviction, and more. Lease agreements protect the landlord-tenant relationship and neither can alter the agreement without mutual consent.
How are rental agreements different from leases?
Rental agreements and lease agreements are similar, but the big difference is typically the length of the contract. Rental agreements often provide the tenant with a living situation for a shorter amount of time, usually 30 days. They are often referred to as month-to-month contracts and don’t necessarily have specified end dates. They renew every month and, because of this renewal, the landlord and tenant both are free to alter the terms of the agreement at the end of each month (given appropriate notice as outlined in the contract itself).