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A one-page rental agreement is a simplified document where the tenant and landlord agree on basic renting terms. It saves time and includes key details like start and end dates, security deposit amount, rent payment details, and property condition. It doesn't include state-required disclosures, reducing conflicts and legal risks for the landlord. The simplicity benefits both parties, as tenants don't deal with lengthy paperwork and landlords ensure tenants understand the agreement they are signing.