Lease vs rent apartment, are they the same or do they mean completely different things? Many times, we’ve seen the terms leasing and renting being used interchangeably. Their meanings are similar, but they differ in many ways. As a landlord or tenant, it is best to know the difference between the two to ensure that you’re getting into the best agreement.
Especially if you are signing your very first lease or rental agreement, make sure that you read and study the contract very closely. Lease and rental are merely terms that can be overridden by certain clauses in the contract. So, it is still vital for you to understand what you are signing up for.
Lease Vs Rent Apartment, What You Should Know
Allow us to simply explain the differences between leasing and renting.
- Leasing an apartment usually means a long-term contract. Rentals, although they may be long-term too, specifies a short period such as weekly, monthly, quarterly, or even yearly. Rental contracts may be extended too.
- Parties are called lessor and lessee in a leasing agreement. They are called landlord and tenant in a rental agreement.
- In a lease agreement, the contract cannot be changed for the time locked-in during the lease. Rental agreements can be changed by the landlord at any time.
- Generally speaking, the lessee needs to maintain a leased unit. Landlords maintain rented units.
Once again, make sure you are reading the contract or agreement and understanding every line before signing. This is the only way for you to be sure you are entering into the right agreement for you.
Contact Us for Available Rentals in Florida
Now that you know the differences between lease vs rent apartment, then it’s time to choose the right unit for you. Bridlewood Real Estate handles residential sales and has plenty of available rentals in Orlando, Clermont, Minneola, and all other cities and communities across Florida. If you need assistance with the management of your rental or lease units, you can contact our team of property managers too. Call us at 352-404-6484 for inquiries.