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To create a rental agreement, choose a rental agreement template provided in the video description. Start by filling out the effective date of the agreement. Enter tenant details, such as the name (e.g., John Doe), address (123 Tenant Street, Miami, FL 12345), and phone number (123-456-7890, tenant@example.com). Next, input the landlord's information, including the name (Metdaq), address (321 Landlord Example Street, Miami, FL 12345), and phone number (111-222-3333, landlord@example.com). Also, specify the premises address you plan to lease (111 Premises Example Street, Miami, FL 12345), the date the tenant may begin occupying (January 1, 2021), and the maximum duration guests are permitted to stay (14 days).