landlord and tenant

In law, the relationship that exists between an owner of land or buildings (the landlord) and a person granted the right to occupy them (the tenant). The landlord grants a lease or tenancy, which may be for a year, a term of years, a week, or any other definite, limited period.

The relationship is known as lessor and lessee, and the lease agreement gives both parties legal rights and obligations.

In the US, there is traditionally a free market in rent prices. Under some circumstances – a wartime housing shortage, for example – the government may impose rent controls. These have been applied at the local level and used in instances, such as in New York City, where the market value of housing would have gone beyond the reach of most wage-earners. Such controls specify allowable increases in rents and may have the unintended effect of reducing available housing stock as landlords sell or withdraw unprofitable units.