Differences between a lease and a rent

Leasing and renting are one of the crucial decisions to be made for someone who wants to give his property for rent. And for someone who is looking for a rental accommodation. Many people think that both these terms are similar, however, they are different in many ways:

  • Lease is a legal agreement between the tenant (lesse) and the owner (lessor) in which the owner gives the right to use his property for a certain period. Depending on the owner’s decision the period of lease can be increased. Rental agreements are month to month agreement without any pre-set duration. At the end of this period both tenant and owner are free to change the rental agreement.
  • Leasing provides a sense of security to the tenant that he will not be kicked out of the accommodation before the ending of the agreement. On the other hand, the tenants who have signed the renting agreement are always under constant fear and threat that their owner may ask them to vacate his property. Conversely, renting provides flexibility to the tenant to move out whenever he wants.
  • During the tenure of the lease the amount of rental fee remains the same. The current market conditions won’t have any effect on the amount agreed. But in renting, the amount can be altered by the owner after the end of 30 days, after every six months or annually.
  • In leasing contract, all the rules and regulations are specified like no pets allowed, no smoking and one has to follow them whereas a renting agreement terms can be changed monthly, half yearly or annually.
  • Leasing contract is beneficial for families, professionals working at a place permanently and students who have come to study at their educational institutes for a longer time. Renting agreement is suitable for those who do not have stable jobs or have to travel for their work. Sometimes students who have come to different city for training or internship stay in such accommodation.

We all know that shifting, packing, unpacking, and settling down frequently is not easy. If you are going to stay at a place for long duration, it is better to stay in an apartment after signing a lease agreement. It will not only give tenants a sense of security but they will also have a written record with them about the duration of contract and other terms and conditions. Nevertheless, one should read the terms and conditions thoroughly before signing the lease.

Thanks to the internet, today finding a good accommodation whether on rent or lease has become very easy. Web portals like NestAway that provide home rental services for all sorts of requirements like one BHK flats, fully furnished houses, shared accommodation, private rooms or full houses. The accommodation offered is for lease where the minimum lock-in period is for six months and tenants can stay for a trial of three days before finalizing and all this without any brokerage fees. Such website guides you throughout right from finding the accommodation to signing the lease.