What is the difference between a lease and a rental agreement?

The distinction between a lease and a rental agreement primarily revolves around the duration of the commitment involved. A lease is typically established for a longer term, often spanning several months to a year or more, providing both the landlord and tenant with more predictability and stability regarding the occupancy of the property. This long-term commitment often includes specific terms and conditions that outline the responsibilities of both parties over the lease duration.

In contrast, a rental agreement is generally meant for shorter periods, often month-to-month. This flexibility can be beneficial for tenants who may need to change their living situations quickly, as it allows for easier termination compared to a lease.

Understanding this fundamental difference helps in choosing the appropriate document for particular living situations and clarifies the expectations for both landlords and tenants regarding property use and financial obligations.