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Property management glossary
Leasing & residents

Lease

Plain-English definition

A contract granting the right to occupy a property for stated terms, rent, and responsibilities.

What lease means in practice

A lease defines the business relationship between housing provider and resident, but it cannot override controlling law. Strong operations connect the signed document to charges, dates, occupants, notices, maintenance responsibilities, and renewal tasks.

Example

A 12-month lease records the residents, monthly rent, deposit, included utilities, start and end dates, and rules for notice.

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This glossary is educational and not legal, tax, lending, or accounting advice. Rules and terminology can vary by jurisdiction and professional context.