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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.
Rental Agreement vs. Lease Agreement. When an individual is searching for an apartment to rent, it is important that he/she understands the difference between a rental and lease agreement. Understanding the way in which an individual's contract operates is a vital aspect of renting or leasing property. Though the terms rental agreement and lease agreement are frequently used interchangeably, it is important to note the various differences that exist between these two types of contracts.