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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.
Rent represents the landlordâs return from its ownership of the property and the primary obligation of the tenant, which is a significant expense in operating its business. The rent for the initial term is specified in the lease. Any rent review (i.e. change in the rent) will also be specified in the lease.