A rent payment arrangement is a temporary arrangement for someone to rent a property. The agreement is a contract that lists the terms for renting the property. This includes the monthly amount of rent, the due date for payments each month, deposit, late fees, use of the property, renter expectations, end of agreement expectations, parking, etc. A rental agreement is a legal contract but is different from a lease. A lease is a fixed term for renting a property. There are also high penalties for breaking the lease (i.e., vacating the property before the lease term ends).