A rental lease is a lease that is used to rent property, usually over a longer period of time. Rental leases are usually renewable at the conclusion of each term, which ranges from a month, 6 months, to a year or longer. The rental lease grants temporary use of the property to the renter in exchange for payment, called rent. Rent is determined by the owner of the property, and tends to be paid on a monthly basis, although the specific schedule is made by the owner. Generally speaking, this type of lease also requires that the renter pay a security deposit. The rental lease is governed by a contract, called a rental lease agreement, that states and defines all the details of the lease. Beyond payment, the renter may also be obligated to comply with other terms such as bans on pets, bans on smoking, and any other terms decided in the agreement.