Last Updated: February 2024
Whether you are a Landlord, Property Manager, or Tenant, being familiar with the various documents used throughout the rental process provides you with the confidence and assurance to successfully navigate the rental process. There are countless types of rental property contracts and agreements, however, some are more frequently used than others such as lease agreements.
12 Types of Rental Property Agreements and Contracts
Rental property contracts and agreements come in many different forms. They are a critical component of successful real estate investing and effective rental property management. Each type of contract and agreement, from residential lease agreements to commercial net leases, serves a unique purpose and carries its own set of rules. Below we take a look at the most common types of rental property contracts and agreements:
Residential Lease Agreements
Residential Month-to-Month Agreements
Residential Sublease Agreement
Lease to Own Agreement
Room Rental Agreement
Lease Agreement Amendment
Commercial Lease Agreement
Commercial Lease Addendum
Vacation Rental Agreement
Parking Space Rental Agreement
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Tools for Rental Property Agreements and Contracts
Rental Property Accounting Software
Rental property accounting software is a great tool for tracking tenant rent payments and other charges. Most solutions can generate tenant reports to show payment history and account balances.
Property Management Software
Property management software helps rental property investors handle all aspects of management such as rent payment, maintenance, marketing, and much more.
Contract and Document
Online rental property document software offers customizable templates and digital management solutions for forms, contracts, and letters related to leasing and property management.
Document Digital Signature
Using digital signature software for rental property agreements is becoming increasingly popular among tenants and rental real estate industry professionals for its ease of use and legal upholding.
Rental Property Contracts and Agreements FAQ
What is the Difference Between a ‘Lease Agreement’ and ‘Rental Agreement’?
While both lease and rental agreements define the terms under which a property is rented, their duration differentiates them. A lease agreement typically lasts for a predetermined period, often one year, during which the terms (including rent amount) are fixed. On the other hand, a rental agreement is usually month-to-month, and either party can change its terms (like increasing the rent) with proper notice, which is typically 30 days in most jurisdictions.
Are Verbal Rental Agreements Enforceable?
While verbal rental agreements can be legally binding, they are challenging to enforce because there’s no concrete record of the terms agreed upon. Most jurisdictions prefer or require written rental agreements, especially for tenancies that last longer than a certain duration, such as one year. It’s always advisable to have a written agreement to ensure clarity and protection for both the landlord and tenant.
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