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brummie_bykerbabe | What is the difference in leasing a commercial property and renting one? |
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alexsmif2002
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leasing is generally for along space of time i.e 100 years, which every year you pay a certain amount, wheras renting is a short space of time i.e 1 year and generally you pay by week or month. |
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Here's Danny
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I would ignore the other posters' comments if I were you as they seem to be quite ignorant of legal terminology.
In short, there is no difference between these terms as they are both (in this context) viewed as being synonymous with the holding of a tenancy by a Tenant in a relationship with a Landlord.
A person is a Tenant (in UK law) if they have exclusive possession of a property for a fixed term and are paying a rent (see Street v Mountford - House of Lords). If these criteria are not in existence, only a licence exists which is far less secure for the party who is relying upon it than a tenancy.
Therefore, given this definition, if a person is considered to be a Tenant; they could say that they are leasing or renting a property depending upon whichever term they wish to use. Personally, I would use the more formal term of 'leasing' as opposed to 'renting,' which is somewhat more informal; but it is really a matter of form and not substance.
Finally, I am somewhat baffled by the other posters' painful attempts to make a distinction between the two terms by the differences in the duration of a tenancy. The length of a tenancy is not determined by whether the parties describe the Tenant as renting or leasing from the Landlord; but is regulated by the terms of the lease that have been negotiated by the respective parties, whether it be in writing or oral.
For example, If the terms of a written lease dictate that the tenancy should be of a fixed duration for, say, thirty years; it is entirely irrelevant if somewhere else in the lease it is stated that the Tenant is held to be renting from the Landlord.
I hope that this can be of some help.
P.S. To the person below saying that rent is from month-to-month:
It is possible to have a fixed tenancy with a duration of a hundred years, but to have an obligation to pay rent every month; or, indeed, have a monthly tenancy where there is an obligation to pay rent every week. Nothing turns on this matter: it is all decided by the terms of the lease. Therefore, I fail to see the relevance of your comment.
I do love the way people answer questions upon topics in which they hold little knowledge! |
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taketwo
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rent no security you could be thrown out when ever. lease you have security. |
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Atan
 |
Leasing is more of a long-term contract (i.e. 3, 5, 10 years) as renting is much of a shorter version. |
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newmexicorealestateforms
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You lease a property for a contracted period of time say 3, 6, 12 months. You rent a property month to month. Never rent a commercial property always lease. |
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Rhea C
 |
never rent a commercial building it means your very ristricted on what you can do to the property a lease means you can lease it for years rent is usually done by months 6 12 and onwards but there more likely not to renue |
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christina
 |
rent is month to month
lease you are committing yourself to a period of time |
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MLaw
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In the U.S., when used as a verb, as you did, they are interchangeable. |
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educated guess
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Here's Danny is right! No difference in the "term". They mean the same thing. |
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cobracoiled
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lease1  /lis/ Pronunciation Key - Show Spelled Pronunciation[lees] Pronunciation Key - Show IPA Pronunciation noun, verb, leased, leas‧ing.
–noun 1. a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation.
2. the property leased.
3. the period of time for which a lease is made: a five-year lease.
–verb (used with object) 4. to grant the temporary possession or use of (lands, tenements, etc.) to another, usually for compensation at a fixed rate; let: She plans to lease her apartment to a friend.
5. to take or hold by lease: He leased the farm from the sheriff.
–verb (used without object) 6. to grant a lease; let or rent: to lease at a lower rental.
—Idiom7. a new lease on life, a chance to improve one's situation or to live longer or more happily: Plastic surgery gave him a new lease on life.
rent1 (rnt) Pronunciation Key
n.
Payment, usually of an amount fixed by contract, made by a tenant at specified intervals in return for the right to occupy or use the property of another.
A similar payment made for the use of a facility, equipment, or service provided by another.
The return derived from cultivated or improved land after deduction of all production costs.
The revenue yielded by a piece of land in excess of that yielded by the poorest or least favorably located land under equal market conditions. Also called economic rent.
v. rent·ed, rent·ing, rents
v. tr.
To obtain occupancy or use of (another's property) in return for regular payments.
To grant temporary occupancy or use of (one's own property or a service) in return for regular payments: rents out TV sets.
v. intr.
To be for rent: The cottage rents for $1,200 a month.
Idiom:
for rent
Available for use or service in return for payment.
[Middle English rente, from Old French, from Vulgar Latin *rendita, from feminine past participle of *rendere, to yield, return. See render.] |
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