- Term leases, also known as fixed-term leases, are contracts between the property owner or manager and an individual who will rent the property. Term agreements usually run a full year from the rental date. Some term agreements may be longer or shorter depending on the parties involved. When renting a property with a written lease, renters must follow the contract's rules and requirements, which can include rent amount, date due, charges for late rent and what the renter or property owner can and cannot do with the property.
- Month-to-month agreements are written or oral contracts between the property owner or management and renter. The rental agreement details how many days the renter has to give notice before moving, fees for late rent and how many days the renter must be out of the rental property if rent is not paid in a timely manner. The open month-to-month agreement does not protect the renter or property owner when either wants to terminate the agreement at any time.
- Rent-to-own agreements are used for renters who will purchase property at the end of a period both parties determine. In some rent-to-own agreements, these renters pay slightly higher rent. The extra rent is applied to the property's purchase as a down payment. When the renter decides to forfeit the rent-to-own agreement, the property owner retains all monies in excess of the monthly rent. States may have different laws regarding rent-to-own agreements and money exchanged for such purposes.
- Sublet agreements are between a renter and a person expecting to rent the property from the renter -- other the property owner or manager. This is a way to keep a property when the renter leaves town for a lengthy period and wishes to return to the rented property in the future or leave a rental before the term lease has expired. Renters must have the property owner's permission to sublet and some owners want to meet the potential renter before a renter sublets the property.
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