Free Lease Agreement

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A Lease Agreement is a contract between a landlord and tenant to rent a property.

Its purpose is to explain the landlord and tenant’s rights and obligations. Such an agreement is necessary for legal disputes to arise, which will cost you both time and money.

Use our Lease Agreement Form to build your rental property contract.

Table of Contents

What Is a Lease Agreement?

A lease agreement is a contract to rent residential or commercial property. It is legally binding on the landlord and tenant and establishes the terms and conditions for the landlord-tenant relationship.

Lease agreements list the duties and rights of landlords and tenants.

Why Do You Need a Lease Agreement?

A lease agreement provides a reference point for all aspects of the landlord-tenant relationship. This reference spells out the tenant’s rights and duties and yours as the landlord.

Further, property renting can implicate federal, state, and local laws, which may complicate matters. A lease agreement helps all parties enjoy a smooth process should a dispute arise.

When Do You Use a Lease Agreement?

Use a lease agreement when someone lives at your property for a fixed period. When a lease agreement is for one year or longer, legally, the agreement must be in writing.

Practically, a lease agreement should always be in writing to avoid confusion on the rental relationship’s terms.

What to Include in a Lease Agreement

The terms of the lease agreement vary by state law. But there is some general information every agreement has:

  • Names of the landlord and tenants
  • Address of the property
  • Rental price 
  • Length of the lease 
  • Utility information (who pays)
  • Landlord’s rights and duties
  • Tenant’s rights and duties
  • Consequences of a breach
  • Misc. information (a sublet or assignment form, pets, option for renewal, etc.)

How to Optimize a Lease and Maximize Rental Income

As a landlord, there are several ways to maximize your rental income. The following are popular examples:

  • Furnish your property. Furnished properties can have higher rental prices because they offer the property ready for move-in. These types of rentals are popular with young professionals leasing their first property. 
  • Do your research. Always ensure you know the trends in rental prices in your neighborhood. This clarifies you are not offering your property for too much or too little.
  • Maintain your property. Periodically do routine maintenance on your property to ensure everything (like appliances and utilities) is functioning efficiently. This helps you avoid costly repairs.
  • Go green. Try to use modern and energy-efficient appliances. This is attractive to prospective tenants as the world is becoming more conscious of protecting the environment. When tenants use less energy, utility bills are lower.
  • Put everything in the lease. Ensure you write all the terms and conditions of the lease agreement into the lease. This helps avoid any disputes and costly legal battles.
  • Know your tenant. Always do a credit check and background check on any prospective tenants. This helps you understand whether or not the prospective tenant has the financial ability to abide by the lease throughout its duration. 
  • Insurance. Make it clear in the lease who is responsible for any damage. The tenant should have insurance for their belongings, but for the property itself, ensure either you or the tenant have home insurance.