What is the difference between renting and leasing?

Answer 1

"The difference is that a lease is a contract to rent a given property for a set time and for a set amount. When you rent without a lease, there is no guarantee either way, and the renter can leave at will, and the landlord can evict you at will -- though laws vary, and even without a lease some states may make it difficult for a landlord to kick you out on a moment's notice if you're current with the rent.

With a lease, as the renter, you are guaranteed that the rent won't go up during the lease (unless the lease says it can) but, in turn, you are legally obligated to pay the full amount of the lease even if you move out before the lease is up. But many landlords will simply charge you a "lease break fee" to get out of a lease early. There's a little more to it than this, for example, if you do break a lease, the landlord is obligated to fill the apartment as quickly as possible, and charge you only for the time that the property was vacant and not for the full remainder of the lease.

There are also rental agreements that are not leases. Like a lease, it spells out the rules, what utilities are included with the rent, pets, etc., but doesn't obligate ether party for a long term agreement -- typically, requiring 2-weeks notice from either landlord or tenant."

Answer 2

When you rent month to month, either you or the landlord can terminate the agreement with 30 days notice. Without a lease, the landlord can raise your rent at any time. If you have a lease, both you and the landlord are bound by the conditions of that lease until the lease expires. That is, during the lease the landlord can not raise your rent, or tell you to move out (except through eviction for cause). Likewise, you are obligated to pay rent for the duration of the lease, even if you were to leave the apartment and go live elsewhere. The landlord could charge you rent until the lease expired, providing he was making a reasonable attempt to rent to someone else. Landlord/renter laws can get very complicated.

Answer 3

LEASING EXAMPLE: you lease an apartment for 12 months. So, you've agreed to pay money for your apartment for 12 months. After the 12 months (or your "term") is up then you have to move out and you no longer pay anything --> Unless you choose to renew your lease for another 12 months.

RENTING EXAMPLE: to rent something is to pay money to "use" it without a specific term or end date stated. So if you rent lets say a tractor, then you use it how ever long you need it and pay payments on it, but you don't sign anything stating you have to return it within so many days.

Lease: paying money routinely (monthly, yearly) with an ending date.

Rent: paying money routinely until you no longer need what you are paying for to use, without a specific end date.

Hope this helps. Leasing can get complicated especially when it comes to cars and what not, but an apartment was the best example I could think of. :)

Answer 4

Leasing is like renting but you have the option to buy. Renting is when you rent a place month to month or when you have a renter's contract which states how long you can be there, they are usually one to two years. So the difference between them is leasing is renting with the option to buy and renting is just renting with no option to buy.

Answer 5

A lease means that you are renting something for a set period of time, such as an apartment for a year. You will have to pay a penalty to break a lease. Rental agreements are generally open ended.

Answer 6

a lease is a contract and if you leave early you pay a penalty, with renting there usually isnt a penalty for leaving early because you never signed to stay for a minimum amount of time.

Answer 7

dear anupa,
renting means,monthly payment with agreement,leasing means a total payment for 10 or 20 years with agreement.

Answer 8

in renting the possesion of thr thing only will get to the taking person but in lease both ownership and possesion will get to leaser for a fixed time.

Answer 9

certain conditons apply for both,in both you can lease or rent to own,what ever the contrack reads.

Answer 10

Renting means someone else owns it and you live there as long as you pay your rent. Leasing means, your going to own the property when it's paid off. Your buying it.