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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.
How is renting different from home ownership? Renting is different from home ownership in that the renter must rely on someone else to make repairs. The renter may not be able to make changes to the home without permission. A renter has both rights and responsibilities.