Lease agreements legally bind both parties to rent property. Most residential agreements are one year, commercial ones multiple years. Basic terms include dates, names, property description, security deposit
Rent is the payment for temporary use of residential property. Lease is a formal contract defining rental terms and conditions. Affordable rent varies by income and debt level
Lease typically lasts one year, while rental is month-to-month. Both involve regular payments and legal contracts. Both require formal agreements specifying terms and conditions
Lease is a legally binding contract for renting property. Includes property address, rent amount, security deposit, and duration. Residential leases are standard, commercial leases vary by tenant