Residential leases are lease agreements that clearly and thoroughly define the expectations between the lessor and the tenant, including rent, pet rules, and the duration of the contract. A strong, well-thought-out and well-drafted lease can help protect the interests of both parties, since neither party can change the contract without the written consent of the other. Renting and renting rooms in a house can be an inconvenient obligation for landlords and tenants alike – if they don`t know how important it is to have one. Creating a template for a room rental agreement can be beneficial for a number of important reasons. Keep reading and be informed about the importance of having a simple space rental agreement between the landlord and the tenant: a contract must be used even if it exists between family or friends. In other words, once a lease is signed, the rental fee is engraved in the pebble until the end of the contract. In an emerging area where real estate values are constantly growing, 12 months of fixed rental fees can mean you`re missing out on considerable additional revenue from market increases. According to the Home Buying Institute, the median home price in the U.S. rose 8.1 percent last year and prices are expected to rise 6.5 percent over the next 12 months. This forecast was published in July 2018 and extends until the summer of 2019. Once the responsibilities are listed, a good vacation rental agreement also lists the penalties for violating any of the rules. It may give you the right to cancel a reservation or ask the tenant to pay your costs of repairing damages resulting from the breach of the contractual conditions.