rent v. lease

Rentals and leases are types of agreements to use or occupy property in exchange for payment.

A lease is a long-term contract, usually lasting a year or more, with fixed pricing and conditions.

A rental is a short-term arrangement with a typical period of a month. A rental may be terminated by either party, or its terms altered, so long as sufficient notice is given. Unlike leases, rentals are automatically renewed at the end of the rental period.

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