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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 contractual agreement in which a leasing company (lessee) allows a customer (lessor) to use its equipment for a specific length of time (lease term). During that time, the lessor pays the lessee a set amount of money at specific times (usually monthly).