|Meaning ||It is a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period
||The periodic payment made to the owner of a property for the use of said property, as determined by a lease (rental) agreement.
|Length of Agreement ||Often 6-12 months, but can be set for any length of time that two or more parties agree to in the lease.
||Payment is made for at least as long as the lease requires it.
|Managed By ||Property owner
||Tenant who pays rent to use the property
|Definition (Wikipedia) ||A lease is a contractual arrangement calling for the lessee to pay the lessor (owner) for use of an asset.
||Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another.