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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, or leasing agreement, is also signed by the tenant and the landlord for a set period of property use. The tenant is required to pay a set monthly rent for the entirety of the agreement, usually between six months and a year.