What Is a Residential Lease Agreement?

A Lease Agreement, also known as a rental lease agreement, tenancy agreement, or rental contract:

• Allows a tenant to rent a residential property in exchange for regular payments to a landlord
• Describes the rights and obligations of both a landlord and a tenant during the rental term
• Sets expectations around fees and payments, property use, maintenance, and home improvements

What Is Residential Rental Property?

Residential rental property is property that earns income
for its owner from rental payments made by a tenant.

Types of rental properties include:

• House
• Condo
• Apartment
• Duplex
• Townhouse
• Basement suite
• Room
• Mobile home
• Vacation rental property

What Information Is Included in a Lease Agreement?

A Residential Lease Agreement includes essential details such as:

• Landlord and tenant information
• The length of the rental contract
• The amount and frequency of rent and amount for a
  security deposit
• Additional costs, including utilities
• Property details: parking, storage, and other amenities
• Provisions for smoking, pets, and home businesses
• Options to renew the lease, to sublet, and to purchase the
  rental property
• Rules for late payments, entering the property, and lease terminations

Can a Landlord or Tenant Break a Lease?

To end a lease early:

• If you're a landlord, you can use a Notice to Quit if your tenant has failed to pay rent or violated other terms in the rental agreement.
• If you're a tenant, you can use a Termination Notice if your landlord has violated landlord-tenant laws or terms in the rental agreement.

Does a Lease Agreement Last for a Fixed Period of Time?

You can offer a fixed-term or an automatic renewal Lease Agreement:

• A fixed-term lease ends on a set date, usually six months to
  one year
• An automatic renewal lease has no set end date and renews automatically until either the landlord or tenant chooses to terminate the lease