Rental Leases

Rental leases are form of contractual agreement that is made between two parties to grant temporary use and possession of property. For rental leases, the agreement for rental only exists for a specified period of time, as laid out in the contract, but the lease will normally continue as a month to month rental after the original lease ends. In this type of lease, the owner is also responsible for helping maintain the property being rented. The lease, or lease contract, is normally a written document that governs the various terms of use that apply over the duration of the lease. The rental lease contract must include: names of both parties, the property being rented/leased, the length of the lease, and other terms that are applicable to the owner-renter relationship or to using the property. The agreement between the owner and renter becomes legally binding after the contract is signed.

Fast Facts

  • asking rents are the amount offered at the beginning of negotiation
  • 1/3 of Americans rent instead of buy

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