Lease vs. Rent
Even today world’s most of the population doesn’t own their homes, so they rent or lease the apartments or houses to carry on the life cycle. People often use the terms. Lease and rent interchangeably as they think they are synonymous with each other, but that is not the case as they have a defined thin line which differentiates both these terms from each other. The lease is the long-time contract between the lessor and lessee through which the latter is allowed to use the asset belonging to lesser for the certain period. The periodic rentals are paid by the lessee, which works as the consideration of the house/land he lives in. On the other hand, the rent is the short-time contract in between landlord and the tenant. In this case, the assets of the landlord are used by the tenant in exchange for the fixed consideration for the limited period. The regular payments are made by the tenant to the landlord for the usage of his property or land.
Key Differences
The lease is the long-term contract, whereas the rent is the short time contract between two parties.
The two parties getting in the lease agreement are known as the lessor and lessee while the landlord and the tenant are the contracting parties in the case of renting.
The rental agreement gets automatically renewed, but the lease contract is set again after the new contract is set between the lessor and lessee.
Samantha Walker
Apr 29, 2017
A contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment is known as the lease. On the other hand, the rent is the short-time contract through which one party known as landowner lets his property rent to the tenant in exchange for the regular payments.
The terms and conditions once opted can’t be modified until the lease terms end. Opposed to this, the landowner can change the terms and conditions of the rental agreement ith extending a prior notice to the tenant.
Janet White
Apr 29, 2017
Comparison Chart
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A contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment is known as the lease.
The rent is the short-time contract through which one party known as landowner lets his property rent to the tenant in exchange for the regular payments.
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Period
Long Term
Short Term
Parties
The two parties getting in the lease agreement are known as the lessor and lessee.
The landlord and the tenant are the contracting parties in the case of renting.
Terms & Conditions
Can’t be modified until the lease terms end.
The landowner can change the terms and conditions of the rental agreement ith extending a prior notice to the tenant.
Renewal
The lease contract is set again after the new contract is set between the lessor and lessee.
Automatically Renewed.
Lease and Rent Definitions
Lease
A contract granting use or occupation of property during a specified period in exchange for a specified rent or other form of payment.
Rent
Payment, usually of an amount fixed by contract, made by a tenant at specified intervals in return for the right to occupy or use the property of another.
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Lease
The term or duration of such a contract.
Rent
A similar payment made for the use of a facility, equipment, or service provided by another.
Lease
To grant use or occupation of under the terms of a contract.
Rent
The return derived from cultivated or improved land after deduction of all production costs.
Lease
To get or hold by such a contract.
Rent
The difference between the price paid for use of a resource whose supply is inelastic and the minimum price at which that resource would still be provided. Also called economic rent.
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Lease
An interest in land granting exclusive use or occupation of real estate for a limited period; a leasehold.
Rent
An opening made by rending; a rip.
Lease
An interest granting exclusive use of any thing, such as a car or boat.
Rent
A breach of relations between persons or groups; a rift.
Lease
The contract or deed under which such an interest is granted.
Rent
To obtain occupancy or use of (another's property) in return for regular payments.
Lease
The document containing such a contract or deed.
Rent
To grant temporary occupancy or use of (one's own property or a service) in return for regular payments
Rents out TV sets.
Lease
The period of such an interest.
Rent
To be for rent
The cottage rents for $1,200 a month.
Lease
An open pasture or common.
Rent
A past tense and a past participle of rend.
Lease
The place at which the warp-threads cross on a loom.
Rent
A payment made by a tenant at intervals in order to occupy a property.
I am asking £100 a week rent.
Lease
To grant a lease as a landlord; to let.
Rent
A similar payment for the use of a product, equipment or a service.
Lease
To hold a lease as a tenant.
I'm leasing a small apartment in Runcorn for a month while I'm there for work.
Rent
(economics) A profit from possession of a valuable right, as a restricted license to engage in a trade or business.
A New York city taxicab license earns more than $10,000 a year in rent.
Lease
(transitive) To gather.
Rent
An object for which rent is charged or paid.
Lease
(transitive) To pick, select, pick out; to pick up.
Rent
(obsolete) Income; revenue.
Lease
(transitive) To glean.
Rent
A tear or rip in some surface.
Lease
(intransitive) To glean, gather up leavings.
Rent
A division or schism.
Lease
To tell lies; tell lies about; slander; calumniate.
Rent
(transitive) To occupy premises in exchange for rent.
I rented a house from my friend's parents for a year.
Lease
To release; let go; unloose.
Rent
(transitive) To grant occupation in return for rent.
We rented our house to our son's friend for a year.
Lease
To gather what harvesters have left behind; to glean.
Rent
(transitive) To obtain or have temporary possession of an object (e.g. a movie) in exchange for money.
Lease
To grant to another by lease the possession of, as of lands, tenements, and hereditaments; to let; to demise; as, a landowner leases a farm to a tenant; - sometimes with out.
There were some [houses] that were leased out for three lives.
Rent
(intransitive) To be leased or let for rent.
The house rents for five hundred dollars a month.
Lease
To hold under a lease; to take lease of; as, a tenant leases his land from the owner.
Rent
Simple past tense and past participle of rend
Lease
The temporary transfer of a possession to another person in return for a fee or other valuable consideration paid for the transfer;
Rent
That has been torn or rent; ripped; torn.
Lease
The contract for such letting.
Rent
To rant.
Lease
Any tenure by grant or permission; the time for which such a tenure holds good; allotted time.
Our high-placed MacbethShall live the lease of nature.
Rent
To tear. See Rend.
Lease
Property that is leased or rented out or let
Rent
To grant the possession and enjoyment of, for a rent; to lease; as, the owwner of an estate or house rents it.
Lease
A contract granting use or occupation of property during a specified time for a specified payment
Rent
To take and hold under an agreement to pay rent; as, the tennant rents an estate of the owner.
Lease
The period of time during which a contract conveying property to a person is in effect
Rent
To be leased, or let for rent; as, an estate rents for five hundred dollars a year.
Lease
Let for money;
We rented our apartment to friends while we were abroad
Rent
An opening made by rending; a break or breach made by force; a tear.
See what a rent the envious Casca made.
Lease
Hold under a lease or rental agreement; of goods and services
Rent
Figuratively, a schism; a rupture of harmony; a separation; as, a rent in the church.
Lease
Grant use or occupation of under a term of contract;
I am leasing my country estate to some foreigners
Rent
Income; revenue. See Catel.
[Bacchus] a waster was and all his rentIn wine and bordel he dispent.
So bought an annual rent or two,And liv'd, just as you see I do.
Lease
Engage for service under a term of contract;
We took an apartment on a quiet street
Let's rent a car
Shall we take a guide in Rome?
Rent
Pay; reward; share; toll.
Death, that taketh of high and low his rent.
Rent
A certain periodical profit, whether in money, provisions, chattels, or labor, issuing out of lands and tenements in payment for the use; commonly, a certain pecuniary sum agreed upon between a tenant and his landlord, paid at fixed intervals by the lessee to the lessor, for the use of land or its appendages; as, rent for a farm, a house, a park, etc.
Rent
That portion of the produce of the earth paid to the landlord for the use of the "original and indestructible powers of the soil;" the excess of the return from a given piece of cultivated land over that from land of equal area at the "margin of cultivation." Called also economic rent, or Ricardian rent. Economic rent is due partly to differences of productivity, but chiefly to advantages of location; it is equivalent to ordinary or commercial rent less interest on improvements, and nearly equivalent to ground rent.
Rent
A regular payment by a tenant to a landlord for use of some property
Rent
An opening made forcibly as by pulling apart;
There was a rip in his pants
She had snags in her stockings
Rent
The return derived from cultivated land in excess of that derived from the poorest land cultivated under similar conditions
Rent
The act of rending or ripping or splitting something;
He gave the envelope a vigorous rip
Rent
Let for money;
We rented our apartment to friends while we were abroad
Rent
Grant use or occupation of under a term of contract;
I am leasing my country estate to some foreigners
Rent
Engage for service under a term of contract;
We took an apartment on a quiet street
Let's rent a car
Shall we take a guide in Rome?
Rent
Hold under a lease or rental agreement; of goods and services
What is Lease?
The lease is the long-time contract between the parties called lessee and lessor; the latter buys the asset and then grants its asset to the lessee for the spec if the period in exchange of the periodical lease rental. The periodical lease rentals work as the consideration for the use of assets that belong to another party. The more comprehensive definition of the lease would be a contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment. The terms and conditions once opted during the contract signing can’t be changed until the period for it exists. The lessee gets an offer to buy the leased land at the end of lease term by paying the residual amount for the land. The residual amount or the residual value is the technique through which it is determined that how much the lessee has paid through the lease payments and what is the estimated worth of the fixed asset leased after the end of the lease term.
What is Rent?
The rent is the short-time contract through which one party known as landowner lets his property rent to the tenant in exchange for the regular payments. The terms once decided for the rent goes on extending from month-to-month without any objection until both the landowner and tenant decide to end up the contract. The process of red-defining the conditions of the rent is known as the rental agreement; it can either be formal or informal in nature. Means the rental agreement with the mutual consent of both the parties can either oral or the written in nature Although the renting cost is high, it is still convenient for the tenant who requires the land for the limited time. To modify the terms and conditions or to raise the rent, the landlord has complete right to do so with extending a prior notice to the tenant. Quite similar to this, the tenants who do not agree with the assist they have rented can leave and go for the better suitable place after extending at least a one-month prior notice to the landowner. A superb benefit tenant enjoys is that he lives in the house or the land, but if there is any cost for the repair and maintenance, that is bearded by the landlord. Once the rental agreement between both the parties gets expired, it automatically gets renewed.
