What Are the Different Types of Rental Agreements?

As a renter you may encounter different types of rental agreements. Learn about the most common types below.

Co-tenancy Agreement

Also known as joint leasing, this is when you enter into a lease with one or more individuals. Everyone must sign the lease and is equally responsible for the terms, including rent, utilities and stated care or maintenance.

ometimes co-tenants draw up a separate agreement between themselves that outlines the responsibilities, such as how much rent each person owes each month, which bedroom belongs to which person and even cleaning or maintenance duties.

Note that some college-area housing utilizes separate leases even if the tenants are living in the same unit. This can protect others if someone doesn’t pay their rent or carry out their responsibilities.

Co-signatory Agreement

When someone is young and getting their first rental or doesn’t have good credit, they can ask a parent, guardian or friend to be a co-signer on the lease. The co-signer takes on the responsibilities of the lease agreement and is legally responsible for paying the rent if the tenant doesn’t.

Sublease Agreement

While many landlords don’t allow subleasing, you may still encounter it. This type of agreement brings in a person to take the spot of the original tenant for the duration of the agreement. There is often a background check for the sublessee and paperwork that outlines the agreement. In Virginia, the original lessee is still liable to pay the rent to the landlord so it’s good to check the credit of any sublease tenants.

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