Rental Agreement Definition. Terminology.
What is this Rental Agreement ?
Rental agreement, a narrower term of Lease, is used to describe a lease in which the asset is tangible property.
(In case you don't Know.. A LEASE is a contractual arrangement calling for the lessee (The User) to pay the lessor (The Owner) for use of an asset.)
The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, story of building or mine).
Real estate rentals are initiated by a rental application which is used to build the terms of the lease. In addition to the basics of a rental (who, what, when, how much), a real estate rental may go into much more detail on these and other issues. The real estate may be rented for housing, parking a vehicle(s), storage, business, agricultural, institutional, or government use, or other reasons.