From Jennifer Lai,
Your Guide to Apartment Living / Rental.
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Definition: An apartment lease is a legal contract between a tenant and a landlord. It is not active unless the landlord and all the tenants sign the lease.

And once you sign the lease, you are agreeing to its conditions and committing yourself to the apartment. It is difficult to break the lease without suffering penalties.

Because the lease states the obligations and responsibilities of both tenant and landlord, it can be both a source of frustration and protection against wrongdoing by the other party.

For example, the lease will lay out any rules, such as no pets allowed or the fees for late rent payment. At the same, a lease protects you against being thrown out of the apartment—in order to do that, the landlord must go through an eviction process.

Also Known As: rental agreement