A lease agreement is a legal contract between a landlord and a tenant that outlines the terms for renting a property. This document specifies important details such as the duration of the lease, the amount of rent, and the responsibilities of both parties. It serves to protect the rights of both the landlord and the tenant. Typically, lease agreements can last for a fixed term, like one year, or be month-to-month. They may also include rules about pets, maintenance, and what happens if rent is not paid on time. Understanding the lease is crucial for both parties to ensure a smooth rental experience.