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A lease agreement is a contract between a landlord that rents property to a tenant in exchange for monthly payments. A standard residential lease agreement is a fixed-term rental contract between a landlord and a tenant that pays monthly rent for the use of the property.A lease agreement is a common legal document that allows a person or business to rent property from the owner. A lease agreement is a legal contract between a landlord and tenant for the use of commercial or residential property in exchange for monthly rent. Write the full address of the rental property. New Tenant Protection Laws. Learn what a rental lease agreement is and what it contains. Find out what an NYC lease covers and what New York laws will protect you. It is a legally binding contract between a tenant and a landlord that spells out each party's duties. Learn which you should keep on file for your rental property.