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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 typical part of a lease-to-own agreement is rent credit. A portion of the rent payments are credited to the purchase price. For instance, if the rent payments are $1,000 per month, the rent credit is $200 per month and the length of the lease is 24 months, the rent credit applied to the purchase price would be $4,800.