Lease Agreement

Glossary

A lease agreement is the written contract that sets apartment occupancy terms, rent, responsibilities, and renewal details.

Definition

A lease agreement is the written contract between a property owner and a tenant that covers the resident’s right to occupy a specific apartment or part of a property. In multifamily operations, it typically documents the lease term, rent, approved forms or addenda, and the obligations each party accepts. A lease agreement can apply to a new move-in or to a renewal when an existing resident extends their lease.

Example

A prospect is approved for Unit 3B, selects a 12-month term, and receives a lease agreement showing the monthly rent, move-in date, pet addendum, and community rules. After the resident and owner sign, the leasing team treats the unit as leased and begins move-in coordination.

Why It Matters?

Lease agreements are the operational handoff between leasing, accounting, compliance, and resident services. Clear and consistent lease documentation helps teams confirm rent terms, track signed leases, support renewals, and reduce confusion during move-in or move-out.

‹ Lease Addendum

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