What does a residential tenancy agreement outline?

A residential tenancy agreement is essentially a contract that clearly outlines the rights and responsibilities of both tenants and property owners (landlords). This document serves to protect both parties by defining expectations and legal obligations, including details such as the duration of the lease, rental payment amount, maintenance responsibilities, and conditions for terminating the agreement. By establishing these guidelines, the tenancy agreement aims to prevent misunderstandings and disputes during the rental period.

The other options listed do not pertain directly to the function of a residential tenancy agreement. Local zoning laws relate to land use and can influence where residential properties can be developed but are not specific to any individual tenancy. Property tax assessments are related to the valuation of real estate for taxation purposes and are not part of a tenancy agreement. Lastly, real estate market trends involve broader economic indicators for buying, selling, and renting properties but do not detail the specific rights or responsibilities of landlords and tenants.