A lease agreement is a legally binding contract between a landlord and a tenant. It outlines the terms and conditions for renting a property and specifies the rights and responsibilities of both parties involved. The lease agreement typically includes information such as the duration of the tenancy, rent amount and due date, security deposit requirements, maintenance responsibilities, and rules regarding the use of the property. It provides a written record to protect the interests of both the landlord and the tenant, ensuring a clear understanding of the agreed-upon terms during the rental period.