A rental lease agreement, more commonly known as a lease or rental agreement, is an agreement that governs rentals over a finite duration of time. The agreement will be used to define the terms and conditions of use that will apply during the extent of the lease. Generally, the terms of the lease include the length of the lease, payment and payment schedule, amount of security deposit, and other specifics like utilities and limitations on owning pets. For people planning to enter into a lease, a rental lease agreement is not only essential, it is also required from a legal standpoint. It can be created in written or oral form, but most rental lease agreements are created as a written document. Without a written rental lease agreement, neither tenants nor landlords will be in the position to present evidence if any disputes occur.