The residential lease is the type of rental that agreement that applies specifically to the rental of property used for residential purposes. In general, leasing is an action that is used on various types of property, with the most popular being homes, offices, and vehicles. A residential lease agreement is used for any type of residence - houses, apartments, land, or other property that takes on a residential purpose. The simple requirement that makes a residential lease different from others is that someone will be living at or on the property. Other than residency, the other standard terms of leases apply: temporary rights to property, a specified duration, and payment. A residential lease may be known more commonly as a house lease, apartment lease, condo lease, or room lease.