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Rental Agreement
A rental agreement is a contract that establishes the terms and conditions of a tenant's occupancy. Rental agreements can be used to rent a residential home, apartment or other rental unit.
A rental agreement has a period, referred to as a term, of one month or less. A month-to-month rental term is the most common. In contrast, a lease agreement has a term of one year or more. Though a rental agreement has a shorter term, most of the conditions and covenants are the same as a lease.
Either party to the rental agreement may terminate by providing one term advance notice. For instance, a month-to-month rental agreement may be terminated with a months' notice. Either the landlord or tenant may opt to terminate rentals by providing notice one term in advance. In addition, all terms of the rental agreement may be modified at the end of every monthly term as long as either party provides the other with a 30-day notice of their intent to change the agreement. Of course, either party may decide not to accept new terms and terminate the agreement.
A rental agreement is typically auto-renewed after each monthly period has elapsed, as long as neither party provides notice of termination.
