View Rachel Baileyâs profile on LinkedIn, the world's largest professional community. Rachel has 5 jobs listed on their profile. See the complete profile on LinkedIn and discover Rachelâs connections and jobs at similar companies.
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.
Leases are contracts whereby the lessor conveys to the lessee in return for payments the right to use an asset for an agreed period. The rental payments required over the lease term are called minimum lease payments. It is obvious that the minimum lease payments on a 12-month lease at $2,000 per month should be $24,000. But this number is made more complicated by the terms and conditions of the lease agreement.