Lease nicknames To have the right to live in the space, you will probably have to sign a lease, or rental contract. On the lease, the landlord is known as the lessor, while the tenant or tenants whose names are on the lease are known as lessees.

Before you rent, you should be familiar with the people involved in the renting process.

• You may work with an agent who shows you the apartment and collects the rent.
  
• The landlord is the person who owns or manages the property. In some cases the landlord may be an individual, while in others it may be a rental management company.
  
• You are the tenant, or the renter, who lives in the apartment.
  
• If you’re just starting out, you may also need a guarantor to cosign, or underwrite, your lease. Your guarantor agrees to pay your rent if you fail to make your payments.
  

True or false: A guarantor is legally responsible for your rent if you don’t pay. True False