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To create a rental agreement, start by choosing a rental agreement template linked in the video description. Fill out the form beginning with the effective date of the agreement. Add tenant details, including names (e.g., John Doe), address (123 Tenant Street, Miami, FL), and phone number (123-456-7890). Next, input the landlord's information: name (Metdaq), address (321 Landlord Example Street, Miami, FL), and phone number (111-222-3333). Then, enter the premises address (111 Premises Example Street, Miami, FL) and set the move-in date (e.g., January 1, 2021). Lastly, specify how long guests are allowed to stay at the premises (e.g., 14 days).