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Rental Agreement
What is Apartment Lease Agreement?
A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property; it is distinguished from a lease, which is more typically for a fixed term. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the lessor and the renter as the lessee.
What is the difference bewteen Rental Agreement and Lease Agreement?
Rental agreements are very similar to lease agreements. The biggest difference between lease agreements and rental agreements lies in the length of the contract.
Unlike a long-term lease agreement, a rental agreement provides tenancy for a shorter period of time—usually 30 days. In most cases, rental agreements are considered “month-to-month,” and automatically renew at the end of each term period (month), unless otherwise noted by tenant or landlord. With a rental agreement, the landlord and tenant are free to change the terms of the agreement at the end of each month-to-month period (so long as appropriate notice procedures are followed).