From Jennifer Lai,
Your Guide to Apartment Living / Rental.
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Definition: A rental agreement, though sometimes used interchangeably with the term lease, typically concerns apartments that are rented on a month-to-month basis. Like leases, they state rules and obligations between the tenant and landlord. But unlike leases, rental agreements are not for a fixed period, so either party can give notice to cancel the agreement.

Also Known As: periodic contract, lease