What is the difference between rent and leasing?

[Ralphjoe]

I have been hearing of this two terms in the real estate business for long now and I am finding it difficult to see the difference between them as they almost mean the same thing.
Guys what do you think are the difference between renting an apartment or leasing that same apartment?

 

[Dylinks]

Renting is a short term possession of an apartment such as 6 months and a year while leasing is a long term possession of an apartment such as 5 years. Renting is mostly for residential while leasing is for commercial purpose.

 

[Aniwhyte]

They're almost same thing, renting is short term while leasing is long term, i mean for longer period of time, but renting could still be for a longer period of time so in conclusion I really don't see any significant difference between both.

 

[WhiteHouse]

Indeed. These are various terms with various implications.

"Leasing" is a more extensive term for the utilization, or permit to utilize, property having a place with another in return for money related installment or other thought. This doesn't really need the gatherings to go into a rent arrangement.

"Renting" signifies the rental of property under a rent or tenant contract, for example, a vehicle or a condo, or at whatever point a rent arrangement is marked proving the rental of something of significant worth.

Hence, renting is a type of leasing.

 

[maventiger]

Though Rent and leasing are used interchangeably but the use varies.

The term Rent is used when the agreement of usage ranges from minutes, hours, weeks to maximum of twelve month.

While the Term "Leasing" is used when the agreed duration of usage exceed twelve months.

Also, the the maximum duration for some product e.g real estate is determined by the land use act governing the laws of the land.

 

[Abibatabosede]

We can say the two terms means the same thing but the little difference between them is that rent is payment for a short period while lease is pay for a long period of time.

 

[Adegbindin Abdullahi]

The difference is that a lease generally lasts for 12 months while a rent agreement generally lasts for 30 days. Both the landlord and lessee hav ever to abide by the terms of the lease for the duration of the lease

 

[Adeyoola7]

The difference between lease and rent is that a lease generally lasts for 12 months while a rental agreement generally lasts for 30 days. ... Both the landlord and the lessee (you) have to abide by the terms of the lease for the duration of the lease.

 

[Seun4luv]

The two terms (lease vs rent) are often used as synonyms by a majority of renters, leasing a property is not as to renting a home. A rent agreement can either be a lease or a licence and will be treated accordingly, based on the terms and conditions and renting period mentioned in the agreement.

 

[Kamon c4]

Rent and lease are synonymously used cause they define the same purposes only the time differentiate its use. Rent is agreements of use for a short period of time while lease is an agreement for a very long period of time

 

[MastetG]

The difference between lease and rent is that a lease generally lasts for 12 months while a rental agreement generally lasts for 30 days. Let’s say you move to a new city and you’re still on the “rent” side of the rent vs. buy decision. You’ll want to rent a house or an apartment. If you’re willing to commit, you can sign a lease, which will generally last for 12 months. Some landlords offer six-month, 18-month or 24-month leases, but a year’s lease is standard.
Both the landlord and the lessee (you) have to abide by the terms of the lease for the duration of the lease. That means the landlord can’t raise the rent without your written consent or evict you without cause, and you can’t stop paying rent or break the lease without consequence.

 

[Alexandoy]

In our business culture rent means a monthly payment for using the place while lease is a long term contract that is usually paid in advance especially for commercial spaces. But the ongoing standard now for leasing is paying 6 months in advance and the remaining will be paid in portions of 6 months. Example if you lease a commercial store for 2 years you pay 6 months now and after 6 months you pay another 6 months. By the way the rental of monthly payments also has a contract usually for 1 year and owners also demand advanced rental of 3 months.

 

[Kinglegend01]

I have been hearing of this two terms in the real estate business for long now and I am finding it difficult to see the difference between them as they almost mean the same thing.
Guys what do you think are the difference between renting an apartment or leasing that same apartment?

Both actually mean you give someone something for a time duration for the person to return back within the stipulated time frame.The difference between lease and rent is that a lease generally lasts for 12 months while a rental agreement generally lasts for 30 days.

 

[Damismiling]

Okay from this thread have been able to understand clearly the difference between the two words, rent and lease, so rent is an agreement for a short period but to talk of lease, it is an agreement for a longer period more than 12months

 

[Machismo]

This is quite a little difference between renting and leasing. Renting is usually for a short period of time(could be for few months or few years) while leasing is always for a long time (20 years or even more). Another thing is the mode of agreements differs.

 

[Sincerem]

When you are renting your building for someone you should acknowledge it's minimum duration is one year for the occupance. While for the leasing aspect the person applying for such, will only stay for some time not exceeding plenty like renting.

 

[Sariana23]

In my country there is not much difference when it comes to expressing in words lease and rent. When a rental agreement is signed, it usually says the tenant and the owner. Now, depending on what you investigate, the difference is that when leasing refers to work, thing or service, and renting is generally used for homes or buildings.

 

[chicnthin]

Duration is the difference between rent and lease. The former is an agreement for only short term period and its payment is being made monthly. While the latter lasts longer, usually for 12 months depending on the contract that was made.

 

[Richard92]

One major difference between lease and rent is the time duration. Rent is normally for a short term and it is normally for housing purposes, it is been paid annually to the owner while lease is for commercial purposes, it's payment can last for five years, when you lease a property it can last for five years or more while rent it's mostly paid annually.

 

[Goodday]

These two terms in real estate business are almost the same but with just some little difference. Mostly, rent is always payment for an apartment for a short period where leasing is on long or medium time basis.