is renting the same as leasing?

According to Merriam-Webster's definition, to rent means to grant for rent or lease, while both rent and lease can mean both to grant for rent or lease and to hold under a rental contract or rental agreement. Rental contracts are very similar to lease contracts. The major difference between lease and rental contracts lies in the duration of the contract. The key difference between a lease and a rental contract is the duration of the contract.

Although the two terms - lease and rent - are often used interchangeably, renting a property is not the same as renting it. This is true if we stick to the strict legal division created between the two types of tenancy. A tenancy can be created by a lease or a rental contract. What differentiates rental contracts from lease contracts is the duration of the rental period and the payment of rent.

Therefore, the monetary implications of leasing and renting are also different. Leasing or renting has its pros and cons and it depends on your personal circumstances which route is best for you. Unlike subletting, an assignment means that the lease is modified to transfer ultimate responsibility for the property from the old tenant (the assignor) to the new tenant (the assignee), without altering the terms of the lease. Whether or not a tenant can sublet a property may depend on the terms already agreed in the lease; however, most landlords and property management companies will not refuse such an arrangement without good cause.

However, as FumbleFinger points out, in other legal contexts one can distinguish the lease as a rental agreement that lasts for 7 years and the tenancy as a rental agreement normally for. In my experience, outside the real estate business, lease is always used with respect to the lessee, as in, the lessee was renting a flat from the lessor, while let is used by the lessor, as in, the lessor rented a flat to a lessee. If this is not the case and you prefer something more flexible, you may be better off signing a month-to-month lease or subletting the flat to another tenant with a sublease agreement. A lease must be signed when the landlord plans to rent his premises for a long period of time, ranging from 3 years to eternity.

The rental agreement and the lease are two legal documents that have many similarities, but there are differences and it is important to understand them.