Residential Rental Agreement
A Residential Rental Agreement is also referred to as a:
- Rental Contract
- Tenancy Agreement
- Residential Lease
What is a Rental Agreement?
A Rental Agreement (lease) is a contract between a landlord and tenant that is used to set out the terms of a residential tenancy. A lease can be used when renting a room, house, apartment, condo, basement suite, duplex, or town home.
You can create and customize this Rental Agreement for any residential property within Canada, including all provinces and territories.
Parties in a Rental Agreement
- Landlord: A landlord is the individual who is renting out his or her residential property in exchange for rent payments.
- Tenant: A tenant is the party who agrees to pay to live in the leased premises for a specific amount of time as indicated in the Rental Agreement.
Who should use a Rental Agreement?
Anyone who is renting residential space to or from another party should use a lease to outline the rights and responsibilities of both the tenant and the landlord during the tenancy.
This may include:
- Landlords who are renting out property to a tenant
- Property managers or real estate investors with multiple properties and tenants to manage
- An individual who is renting a room to a friend or family member
- A tenant whose landlord did not provide them with a lease
What is included in a Rental Agreement?
A Rental Agreement should include:
- Landlord, Tenant, and Property Information: Contact information for both parties, as well as a description of the rental property.
- Lease Length: How long the tenancy will be, including whether it will automatically renew (continue until either party gives notice) or if it is a fixed term (will expire on a predetermined date), and notice details.
- Rent Price: How much the rent price will be per month, and if utilities are included. Also, if there is a fee for late payments and if the landlord requires a pet or damage deposit.
- Permissions: Whether the landlord will permit certain things, such as smoking, pets, home businesses, or improvements to the rental property.
- Rules and Responsibilities: The responsibilities for the tenant and landlord, such as care and maintenance of the property, and overall expectations from both parties during the course of the lease period.
- Other Details: Other lease details may include an option to purchase (rent-to-own), guest rules, governing law, assignment and subletting terms, safety requirements, insurance, environmental disclosures, and more.
Why should I use a Rental Agreement?
A lease agreement is beneficial for many reasons. It clarifies the obligations of both parties during a residential tenancy so each person knows what is expected of them during the rental relationship. For example, the tenant may be responsible for paying rent on the first of every month, while the landlord is expected to keep the property in good condition.
A Rental Agreement also protects both parties from future misunderstandings, such as who pays for damage to the rental property. The written lease proves both parties agreed to and acknowledged the terms within it.
Forms Related to a Rental Agreement: