What is the difference between rent and leasing?

[Farhan Aslam]

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?

These two are different from each other. If we rent something, it means we have to pay a certain amount and return it when we use the item. On the other hand leasing mean a product is purchased with some terms and condition. The interest is paid to on product ine in limited interval of time.

 

[Tariq Shehzad]

Both terms almost are same, But the main difference is that rent is the short term possession for a thing and leasing is long term possession of a thing.
renting duration can be from 6 months to 1 years and leasing duration can be more than 5 years.

 

[Doradorwa]

Even I don't know what it means up until now.... Renting are mostly used for residential areas while leasing are used for commercial hubs e.g warehouse,land

 

[Nurudeen]

Renting out a property is when you give out your property on a short time basis, like getting a pay for a year or two. For leasing out a property you must be ready to get a pay of more than 20 years. The only difference between this two is the period. Rent is for short term while leasing is for long term.

 

[Trojan8]

While both terms have been used interchangeably in the past, the only notable difference between both terms is the length of time. Rent is just a very short term leasing usually for a period of 30 days in standard situations. While leasing covers a longer time frame in most cases.

 

[roman roxas]

In our country, rent can be defined as a short term lease of a property, wherein it's up to you if you want to extend it after 2 months. Whereas, leasing would involve 6 months or more contract, and others are asking for leasing fee or rights, separate to the monthly you are paying.

 

[Dylinks]

Renting and leasing is basically talking about building for commercial purpose which in turns will bring back profit as a business. Length of time differential renting to leasing because renting can only accommodate 2 years maximum while leasing begins from 5 years.

 

[Highflyer]

There is a clear difference between rent and leasing an apartment, when you rent an apartment, you collect an amount of money every year or momthly till the tenant decides to pack out. When you lease an apartment, you and the tenant both agree to a fixed number of years and the fee is paid upfront.

 

[GIFTMICHAEL]

Renting and leasing are different and shares some similarities.
Renting a property can say to mean given up of possession of said item or property in the hand of a particular person for a short period of time while leasing can said to mean leaving property in the possession of the said persons or organization for as longer period of time.

 

[Nida Adnan]

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

 

[Sehrish]

In real estate, a lease is a contract for a specific period of time — often 6 or 12 months — after which the contract expires, while rent is the payment made under the terms of the lease. Real estate leases are also commonly known as "rental agreements."

 

[giddy]

In leasing, the servicing and maintenance are done by the lessee when s/he takes the equipment on lease. In renting, on the other hand, the servicing and maintenance are done by the landlord even if the tenant takes the property on rent. Leasing is done for a fixed period of time – mostly for the medium to long term

 

[Tinaconcept]

Leasing are mostly used by firms who uses the place for business purposes for longer period of time while renting are done by individuals for a short period of time. The person uses the house for living and pays annually or two years in advance.

 

[Tiwa]

Rent is a an agreement to make use of property for a short period usually 1 month while lease typically runs for 1 uear. Also, with rent all cost of maintenance are bore by the owner while maintenance cost are bore by the lessee.These term are usually used in housing properties but both terms apply to all form of tangible properties such as equipment as well.

 

[Lyrrex]

both of them are all the same but the difference in them is that in renting your only possessing it for a short period of time while in leasing you are possessing it for a long period of time it could be 5 to 20 years, that is just the differences. It's like you are not an economic student

 

[Koldej]

Rent and leasing only offers few difference, while rent has to do with giving out something for a short period of time between 1day-5years or so leasing has to do with giving something out for a long period of time like 5years and above

 

[Nicklas22]

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.

 

[Adebayonle7]

Rent is to pay for access to a service, product, or material to use & maintain for a short period of time while leasing is just the same way but for a longer period of time time. When you lease, the one getting the material has to maintain all aspect of the material or product within that lease period but for rental, the owner gets to maintain and pay for maintenance.

 

[Ridorz]

The rent and lease of property are similarly but the only difference is that rent is for shot time like six to twelve months while lease is a long time like five to ten years. Lease of property ( house or store and office) usually doing by big company.

 

[tuna89]

Lease involves a lessor who is the property owner and the lessee who is involved in the agreement, in lease, the owner of the property grants possession of the property to the lessee for dedicated time in which payments are made at intervals while in rent, the property or asset is transferred by the owner to the tenant for a time which is calculated or extended.