What is the difference between a lease and a rental agreement, and which one should I use for my rental property?

As a lawyer, I can advise you on the difference between a lease and a rental agreement, and which one you should use for your rental property.

A lease is a contractual agreement between a landlord and a tenant that outlines the terms and conditions of a tenancy for a fixed period of time. A lease typically lasts for one year, but can be longer or shorter depending on the agreement between the landlord and tenant. A lease provides both the landlord and tenant with certain rights and obligations, such as the right to use the rental property for the designated purpose, and the obligation to pay rent on time and maintain the property.

A rental agreement, on the other hand, is a more flexible and informal agreement between a landlord and a tenant that allows for a short-term tenancy that can be renewed on a monthly or weekly basis. A rental agreement typically does not have a fixed term, but rather continues as long as both the landlord and tenant agree to its terms. Rental agreements are often used for short-term rentals or for tenants who are uncertain about their long-term housing needs.

When deciding which one to use for your rental property, the choice often depends on the specific circumstances of the tenancy. A lease is generally preferable for landlords who want to secure a long-term tenant and ensure a steady source of income for a fixed period. It also provides a greater level of legal protection and security for both the landlord and tenant.

On the other hand, a rental agreement is often used for more flexible, short-term tenants such as those who may be in school or who are uncertain about their future housing needs. Rental agreements are also useful for landlords who want to maintain more control over their rental property and have the option to make changes more frequently.

It is important to note that the laws governing leases and rental agreements can vary from state to state, and it is important to be familiar with the specific laws and regulations in your jurisdiction. Additionally, the specific terms and conditions of a lease or rental agreement should be carefully negotiated and drafted to ensure that the agreement is clear, fair, and legally enforceable. I would advise that you seek the guidance of a licensed attorney to help you draft an appropriate lease or rental agreement that meets your specific needs and circumstances.