What Are Rental Agreements?
The terms and rules you must know.
1 min read
A rental agreement, otherwise known as a lease, outlines the key terms and rules of occupying a rental unit. It is a binding contract between the landlord and the tenant that grants the individual(s) the right to occupy the rental unit, as long as the conditions are met.
An official lease agreement benefits the landlord and tenant, as it is used as a record of what both parties agree to upon occupying the rental. In case of a dispute, the landlord and tenant can refer to the rental agreement to settle any miscommunication.
The rental agreement is typically comprised of:
The landlord's and tenant's names, addresses and contact information
The tenancy duration
The cost of rent per month
The official date you must pay rent
The services covered by the monthly payment, such as electricity or parking
Any separate charges
The conditions for the termination of a rental agreement
When the landlord can increase the rent and by how much
The security deposit amount and any conditions
The rules that the landlord requires all tenants to follow
Once the lease has been reviewed, finalized and signed, all parties agree with the contents of the lease. Both parties must continue to meet the rental agreement's terms and rules until the tenancy is complete.
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