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A garage lease agreement is a contract specifically for renting space to park or store a vehicle. These agreements are common in areas with limited parking, such as crowded cities or housing developments without included parking, as well as for businesses with vehicle fleets lacking storage. The garage lease functions similarly to a residential lease, where the tenant pays the landlord for use of the space. However, unlike residential leases, garage agreements usually have fewer state regulations and legal precedents. This lack of regulation means that in case of disputes, the terms outlined in the garage lease agreement will be crucial.