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Create a high quality document online now! A New York residential lease agreement is a contract between a landlord and tenant for the occupation of rental property for a fixed term (commonly 1-year).The New York lease agreement composes a contract to audit the intricacies involved in the leasing of real estate. Download an official New York residential lease agreement template. The New York standard residential lease agreement allows an owner or landlord of the property to legally rent livable space to someone else. A lease addendum is a legally binding document that both landlords and tenants agree to and sign (i.e. Bulletproof your rental lease with these 38 crucial addendums! Why Are Lease Addendums Important? Lease addendums allow you to make minor changes to your current lease agreement, such as adjusting the rent payments or adding a pet. Before preparing and signing a rental agreement, it is common for a prospective tenant to complete a rental application.