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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.
What is the Meaning of Lessor & Lessee? A lease is a binding legal contract, so you need to know what youâre signing. If youâre the person or business that is contracting to rent property, youâre the lessee, while your landlord is the lessor. You'll both have certain obligations and responsibilities.