A room rental agreement is a legally binding agreement between a tenant wanting to sublease, or rent, their room or apartment to another party. It clearly outlines the expectations and responsibilities of both parties, and upon signing, imposes those specific duties and obligations on them. If you have a parking lot, you’ll need to add information on the rights of the business. Do they have access to the building or lot on the weekends? With this information in hand, you’ll be adequately prepared to execute a commercial lease. However, there are other things that need to go into a business lease. For example, some properties will have an independent contractor do repair and maintenance in the building. You’ll need to decide what works best for your needs and make sure that information is included in the contract. It’s important to know the difference between tenants and flatmates and how the Residential Tenancies Act may or may not apply to your situation.... This can include sharing bathroom, kitchen and living room space. A room rental agreement is quite similar to any other property rental agreement, except for the descriptions and details of the space.