Property rental agreements may be used to rent both residential and commercial property, though rental agreements differ depending on the property type and location of the property. In the case of residential property, rental agreements are generally for a period of six months to one year, with a possible option to renew after the agreement expires. Commercial rental agreements are often entered into for longer periods of time, and they are also more legally binding and contain less tenant protection than residential agreements. Residential property rental agreements may also be made on a month to month basis, or for an even shorter term in the case of weekend or vacation rentals. Oral rental agreements may be made for short term rentals, though laws generally state that any rental for a period of a year or longer must be in writing. A security deposit payment may be required before signing a rental agreement; a security deposit protects landlords against any financial expenses that may result in the event that a tenant damages a property.