Hi, the term 'lease' focuses on a period of time. Here's an example. Typically, when you 'rent' an apartment, you can leave after the current month. When you sign a lease, you agree to pay for a period of time.

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When you 'lease' there is usually a down payment,then you are entitled to pay the whole amount for a predetermined number of years ,it is on a contractual basis, while when 'renting' in the real estate business for example you just pay the monthly rent and a contract is not that determinable and could be extended for further years.

It depends on the context. For renting or leasing an apartment, there's no big difference. But renting a car and leasing a car are totally different. You rent a car for a few days on vacation. Leasing a car means you have it for 2 or 3 years or more. In most cases, rent is the better and more useful word. You rent bicycles, rent boats, rent venues for weddings and parties, rent a tuxedo, etc. Lease always means something long-term and is a more formal word.

lease is a specific form of rent back by legal contract and specifies a specific length of time. A rent may or may not have a legal contract to sign.