My guess is that it was a yearly agreement but with that said, in our HOA agreement, it specifically forbids the renting of our homes. (detached condos)
My daughter used to work for a lady that had ‘vacation rentals’ that costed $5000 a week to rent in Destin. They come fully furnished and even have bicycles and beach floats and umbrellas to use.
She told me most renters are good, clean people that leave the units just as nice as when they arrived, but every now and then they would get a family that would leave them trashed an stuff missing, like appliances and even furniture!
They would not get their $1000 security deposit back, and usually threaten to sue, but none ever did.............