A "rental agreement" is a contract under which the owner of a property (the "lessor" or "landlord") allows the use of the property by a party (the "lessee" or "tenant") under various terms and conditions set forth in the rental agreement. Landlords will rent out apartments to a tenant under a rental agreement, allowing the tenant to occupy the premises for a monthly rent for a fixed period of time. The key terms of rental agreements typically include:
The property being rented
The amount of the rent
The security deposit
The term of the rental agreement
Covenants of the lessee to maintain the property
Termination rights of the lessor
Dispute resolution mechanism
Any additional payments required of the lessee (such as for utilities)