What is leasing and renting

A lease is a constructional arrangement calling for the lessee to pay the lessor (owner) for use of an asset. Renting, also known as hiring or letting

The difference between lease and rent is that a lease generally lasts for 12 months while a rental agreement generally lasts for 30 days ... That means the landlord can't raise the rent without your written consent or evict you without cause, and you can't stop paying rent or break the lease without consequence.