Author Topic: Lease VS Rent  (Read 307 times)

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Offline VGera

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Lease VS Rent
« on: 12:47 30-Mar-2018 »
Guys, I recently noticed that the perception of the two words LEASE and RENT (лізинг - оренда) slightly differ in different languages and cultures. 
We, ukrainians, started to use the term LEASING in 90's mostly due to some high school experience and since then we call this name a kind of financial service (which was newly introduced at that time).
I sleep well with that knowledge, but when somebody asks me to translate something I try to do it the way, so that the foreigner reading the trsnslation would understand the same meaning, rather than same words, as the Ukrainian reading the original text.
Studying usual "short course" HERE and HERE and HERE helped, but not much
That is why I will appreciate if anyone can tell me what difference do English (or American) native speakers mean between these two, either nouns or verbs.
I do not mean I need a kind of deep economical essence of each, but rather the perception of an average guy on the street.
Thanks.


Carlusha

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Re: Lease VS Rent
« Reply #1 on: 12:51 30-Mar-2018 »
Hi, VG, for me, a lease is renting for a specific contracted period, say 1 or 2 years at $x per month. Rent is an agreed monthly rolling contract.

Perhaps the forum realtor may confirm or correct the above.

Offline VGera

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Re: Lease VS Rent
« Reply #2 on: 13:14 30-Mar-2018 »
Thanks, Ді!

Does it mean that we can say:

1. Long term rent = lease
2. Short term lease = rent

Offline David Rochlin

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Re: Lease VS Rent
« Reply #3 on: 13:42 30-Mar-2018 »
Another way to view the difference between lease and rent is that in the case of rent, there is no defined term.  Thus the tenant might say they plan to stay for a year, but they can leave early without any penalty except sometimes a landlord will ask, in advance, for "First and last month's rent" in advance which doubles as a security deposit for damaged property.  The landlord can also evict the tenant at any time, since there is no lease arrangement.  In practice, in the U.S., the landlord has to give some notice about eviction which varies according to local laws.

A lease on the other hand, puts the tenant in the position of being obliged to pay for the whole term of the lease, even if they move out,  unless there are provisions in the document allowing the tenant to leave early with some specified penalty or cancellation fee.

Offline Kord

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Re: Lease VS Rent
« Reply #4 on: 15:04 30-Mar-2018 »
Those two terms depend on what a person is renting or leasing.

Typical uses are for vehicles, property, storage units, but really these could be applied to "anything"

Mainstream USA use of the term lease flourished under the idea that an expensive car is better to be leased than bought.
It meant lower monthly payments for a car that would otherwise be too expensive to buy outright. Or some people just like to change cars every few years. A 3 - year lease made that easy for people.

A rental car is just a daily/weekly rent of a Hertz/Avis etc. scenario.

"New lease on life"

Apparently you could even rent a baby if you wanted to.  ???

Offline VGera

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Re: Lease VS Rent
« Reply #5 on: 15:27 02-Apr-2018 »
Дідусь, David Rochlin and Kord, thank you for your replies. If anyone has anything to add - welcome.