Apartment leases are a type of housing arrangement where an agreement, sealed by contract, is made to grant a tenant with temporary possession of property by its owner. Unlike other leases, an apartment lease is, as its name denotes, a lease that is used to refer to apartment rentals. The apartment lease may exist between an individual and a tenant, but is more commonly between a management company and tenant, since most apartment buildings aren't managed by a single person. Apartment leases are governed by a contractual, legally enforceable agreement called the lease agreement or lease contract. This contract, which is the documentation of the literal agreement that is made, defines the terms by which the two parties will be handling the rental. This may include duration of the lease, amount of rent, payment schedule, and conditions that apply to using the property. There are several types of apartment leases in terms of length, and parties will normally choose between month to month, yearly, or another fixed term. Most apartment leases will also require a security deposit to begin the lease.