Lease versus Rent comparison chart
Edit this comparison chartLeaseRent
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.