Leases Vs. Rental Agreements: what's The Difference?
Leases vs. Rental Agreements: What's the Difference?
Flexibility and stability for the property owner
Erin Eberlin is a property and property manager specialist, covering rental management, tenant acquisition, and residential or commercial property financial investment. She has more than 16 years of experience in property.
Hispanolistic/ Getty Images
The terms rental agreement and lease agreement are often used interchangeably, however they are rather different. A rental arrangement is one kind of agreement a landlord can sign with a renter. A lease contract is a plan the majority of people relate to leasing a residential or commercial property.
Rental contracts offer more flexibility for landlords and occupants, while lease contracts offer more stability. Learn the key differences between these 2 kinds of living arrangements.
What's the Difference Between Rental and Lease Agreements?
Length of Rental and Lease Agreements
Rental agreements are usually short-term. It prevails for these contracts to be valid for a period of 1 month. In specific cases, they can be even much shorter, lasting as little as a week.
Lease contracts are for a much longer term than rental contracts. The most common lease term is for one year, however leases can be for any length of time as long as the property manager and occupant consent to the length. They can be as short as 6 months or as long as 30 years, which would be more typical in industrial leases. The longer the lease, the more most likely it is that your state will need it remain in composing.
Renewing a Lease or Rental Agreement
Generally, rental arrangements renew immediately once the original term ends. All the terms of the original contract are still valid, consisting of the length of the arrangement.
Leases vs. Rental Agreements: What's the Difference?
Flexibility and stability for the property owner
Erin Eberlin is a property and property manager specialist, covering rental management, tenant acquisition, and residential or commercial property financial investment. She has more than 16 years of experience in property.
Hispanolistic/ Getty Images
The terms rental agreement and lease agreement are often used interchangeably, however they are rather different. A rental arrangement is one kind of agreement a landlord can sign with a renter. A lease contract is a plan the majority of people relate to leasing a residential or commercial property.
Rental contracts offer more flexibility for landlords and occupants, while lease contracts offer more stability. Learn the key differences between these 2 kinds of living arrangements.
What's the Difference Between Rental and Lease Agreements?
Length of Rental and Lease Agreements
Rental agreements are usually short-term. It prevails for these contracts to be valid for a period of 1 month. In specific cases, they can be even much shorter, lasting as little as a week.
Lease contracts are for a much longer term than rental contracts. The most common lease term is for one year, however leases can be for any length of time as long as the property manager and occupant consent to the length. They can be as short as 6 months or as long as 30 years, which would be more typical in industrial leases. The longer the lease, the more most likely it is that your state will need it remain in composing.
Renewing a Lease or Rental Agreement
Generally, rental arrangements renew immediately once the original term ends. All the terms of the original contract are still valid, consisting of the length of the arrangement.