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What does contract rent mean?
Contract rent means rental paid to the landlord for the right to occupy a homestead, in- cluding the right to use the personal property located therein.
What is the difference between contract rent and market rent?
Market Rent is what your unit or a similar unit would get right now if it were to be listed for rent. Contract Rent is the rental amount that is actually being paid by good, long term tenants right now.
What makes a rental contract legal?
To be enforceable, a contract must meet certain legal criteria (i.e. it must have an “offer,” “acceptance,” and “consideration”; each of these terms has a specific legal definition). In almost all cases, you should consult a lawyer to ensure that you have a legally binding lease.