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Difference Between Rental Agreement and Lease Contract

Todays Date: December 16, 2018

When renting out your place to others, there are two types of agreements/contracts that owners choose to use. This includes the rental agreement and the lease contract. Rental agreements don’t have a length of residence requirement and are month-to-month agreements. After the end of each month, the owner and the tenant are free to make changes to the rental agreement.

These changes could be rent increase, request to leave the property, or modifying other items in the agreement. Usually both parties would give a 30 days notice to any changes that will be made in the near future. Typically, the rental agreement is automatically renewed after each month if neither parties don’t request any changes. This type of rental agreement is best used for those who are having a hard time getting tenants and for areas where rentals cater to traveling professionals and students.

The other type of rental contract is called a lease. A lease is where there is a timeline of the required length of stay for a tenant. This could be six months or up to a year that a tenant agrees to rent the property. During the contract, both the owner and tenant put uphold all the terms stated in their contract. Neither parties are allowed to change it until the end of the term agreement.

This kind of agreement helps ensure the owner that there is a stable tenant for a period of time. This can be most useful when you are still paying off the mortgage on the property and want to make sure you don’t have a tenant who is short-term and can help pay it off. This is a common way of renting, so most tenants would not hesitate to commit to this kind of agreement.

KeyRenter is a Utah property management company that helps owners make leasing contracts with tenants. They also help tenants and owners uphold to the terms written in their contract. This includes sending late notices and enforcing the contract to tenants. This helps owners be assured that their property is taken care of according to the contract. KeyRenter are professionals in rental homes in Utah. They help owners and tenants come together for a healthy relationship for the duration of the contract.

If tenants are unable to fulfill their side of the leasing contract, then eviction administration would be required. Tenants are usually still responsible for paying out the rest of their lease agreement even if they are not living there anymore. KeyRenter provides a business that helps owners in these times and makes sure the terms of the signed lease contract is carried out.

KeyRenter assists hundreds of Utah homeowners rent out their homes. As a Utah property management company, KeyRenter handles leasing, management, and accounting for Utah rental homes.

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