What does a lease agreement primarily set the terms for?

A lease agreement primarily sets the terms for a fixed-term tenancy. This type of lease specifies the duration of the tenancy, which is typically defined as a particular start and end date. The lease outlines various rights and responsibilities for both the landlord and tenant during this specified period, including payment of rent, maintenance obligations, and rules governing the use of the property.

While other forms of tenancy exist, such as periodic tenancy, tenancy at will, and transitional tenancy, they do not provide the same level of specificity regarding the duration of the lease. A fixed-term tenancy offers both parties a clear understanding of the rental commitment and terms for the agreed-upon rental period, making it the most common and secure type of lease agreement.