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uk â /ËtenÉnt/ us â LAW, PROPERTY. âº a person or organization that uses a building or land and pays rent to its owner: We are hoping to lease the four-story building to a single tenant when it's completed this fall. Both parties, landlord and tenant, will be bound by any express terms in the contract.
Lease. A lease is an agreement in which the landlord agrees to give the tenant the exclusive right to occupy real property, usually for a specific term and, in exchange, the tenant agrees to give the landlord some sort of consideration. lease is an agreement in which the landlord agrees to give the tenant the exclusive right to occupy real property, usually for a specific term and, in exchange, the tenant agrees to give the landlord some sort of consideration.