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The Difference Between Lease and Rent: Housing. The difference between lease and rent is that a lease generally lasts for 12 months while a rental agreement generally lasts for 30 days. Letâs say you move to a new city and youâre still on the ârentâ side of the rent vs. buy decision. Youâll want to rent a house or an apartment.
A lease is a legally binding contract, laying out the rules agreed upon between the landlord or property owner and you, the tenant. It can be from one to many pages, but in general, a lease defines exactly how long you'll be renting the apartment (six months, one year, two years and so on) and exactly how much money you'll pay in rent each month (and on what day).