What is the difference between Lease and Rent?
3 answers from our tutors
Best answer
the main difference is the period of time they cover. Rent tends to cover a short term (usually 30 days), while a lease is applied to long periods (usually 12 months or less).
They had a, deep, rooted difference. The rent will just let you gain the legal rights to use the good rented; you had no duties regarding maintenance or insurance, also, can't modify the appearance, or functionality of the rented goods and, you'll never being able to claim any property rights over the rented stuff, also, the rent, don't have, usually, an ending time but, usually, got a renewable therm. In the other hand, the lease, it a legal form of "Rent with Benefits", you had the rights to sell the goods leased, can modify, appearance and functions, if not expressed otherwise in the lease contract and, after the expiration of the lease contract, your could claim the legal property of the leased stuff and, usually, had a predefined duration.
Lease : long-term agreement Rent: short term contractual agreement Hope it helps.😊
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