Rental Agreements for Landlords

Rental agreements are the contracts that are formed between landlords and tenants that specify all the rules and regulations governing each tenancy. To be enforceable, these rules and regulations must follow all state and local laws (or statutes) that apply to landlords, tenants, and the rental of real property.

A rental agreement can be either verbal or written, and it usually does not specify a fixed rental term, as is the case with a typical one-year lease.

Rental agreements are normally carried out on a month-to-month basis. They continuously renew themselves each month unless either party (landlord or tenant) notifies the other with a 30-day notice of their intent to terminate the agreement.

It is generally preferable to make all rental contracts in writing rather than verbal. In this way, having it in black and white and signed by all parties reduces the possibility of misunderstandings and makes the contract easier to enforce if necessary.

The benefit of having a rental agreement (for either landlord or tenant) is that the tenancy can be terminated by either party if desired with the 30-day notice mentioned above. The downside for the landlord is the possibility of higher tenant turnover and a less secure income. For the tenant, the downside is less security with renting for an extended period of time - they might have to vacate after 30 days of receiving a termination notice.

You can find more in-depth information on rental contracts in The Landlord's Library book collection. It's your one-stop destination for the best information on the entire subject of residential landlording.

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Rental Agreements and Leases