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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 Rental Agreement (lease) is a contract between a landlord and tenant that is used to set out the terms of a residential tenancy. A lease can be used when renting a room, house, apartment, condo, basement suite, duplex, or town home.