{"id":1653,"date":"2020-10-01T01:32:12","date_gmt":"2020-10-01T06:32:12","guid":{"rendered":"https:\/\/www.padleads.com\/blog\/?p=1653"},"modified":"2020-10-01T01:32:13","modified_gmt":"2020-10-01T06:32:13","slug":"lease-and-rent-are-they-the-same-thing","status":"publish","type":"post","link":"https:\/\/www.padleads.com\/blog\/lease-and-rent-are-they-the-same-thing\/","title":{"rendered":"Lease and Rent: Are They the Same Thing?"},"content":{"rendered":"\n

In this business, you will encounter terms that you will use probably, every single day. You must familiarize yourself with such words to maintain accuracy in your documents and conversations. A similar word can have a different meaning to some and can confuse.<\/p>\n\n\n\n

Let us take the words “lease”<\/strong> and “rent.” <\/strong>They are two of the most common words you will use in this industry. They are often used interchangeably but did you know they have different meanings? If you did, then that\u2019s great. If not, you might want to read on and find out how to use these terms properly. Let us use them in the reference to the lease agreement and rental agreement.<\/p>\n\n\n\n

Lease Agreement vs Rental Agreement<\/h2>\n\n\n\n

Lease agreements<\/a> have a specific span for a tenant to rent a property. It is usually used if a tenant will lease for a long period, and what is stated on the agreement cannot be changed during that period<\/a>. This type of agreement is renewable, but the tenant should go through a proper process.<\/p>\n\n\n\n

Rental agreements, on the other hand, is used if the rental is for a month-to-month basis. Unlike the lease agreement, they can be automatically renewable every month.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

These are pretty simple differences, but we can dig deeper to understand it more.<\/p>\n\n\n\n

Lease Agreements<\/h2>\n\n\n\n

As I have mentioned, the lease agreements are long-term and can range from six months to two years. Within this period, the terms and conditions are fixed, such as the rent rate and period of tenancy. For example, the landlord wants to increase the rent<\/a>. He will not be allowed to do so because there is a signed contract stating the fixed amount.<\/p>\n\n\n\n

Some tenants will prefer this agreement because the landlord cannot raise the price, and can be an advantage if the location is progressive<\/a>. But do not worry, it also plays an advantage for landlords because the tenant will not be allowed to stop renting until the end of the lease. You will have a sure tenant for a certain period.<\/p>\n\n\n\n

Since lease agreements are not automatically renewable, the tenants will have an option to leave after it ends or to stay and sign a new contract with the landlord. If they decide to stay, changes can be made with the terms, including the amount they have to pay for rent.<\/p>\n\n\n\n

Rental Agreements<\/h2>\n\n\n\n

Rental agreements are a little different because of the given period the tenant is authorized to stay. It is a month-to-month basis contract. It will automatically expire and renew every month as long as both landlord and tenant agree to it.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The terms stated in rental agreements can be the same as the standard lease contracts. However, once the period of validity ends, the landlord can make changes in some of the conditions. He can raise the rent prices or add new rules. If you experience this, make sure that the tenants are informed of the modifications.<\/p>\n\n\n\n

Both types of agreement have their pros and cons. It will boil down to what you prefer and what kind of tenants you want to have.<\/p>\n\n\n\n

Which one to use?<\/h2>\n\n\n\n

Rental agreements is better if you have military personnel as tenants<\/a> because their job entails moving around a lot. You can also offer this for people who are new to renting and want to try it out. These people may be partial to committing long-term and are looking for something temporary.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Most landlords choose lease agreements because it ensures a stable income for long periods. Filling up a vacancy is not a walk in the park either. With long-term tenants, it will be a while before they have to go through the advertising and tenant screening process<\/a> again. However, there is not a lot to worry about anymore because platforms like Padleads<\/a> can help make things easier. You can create property listings and syndicate them to other websites with a few clicks here and there. You will have the advertising part covered just like that.<\/p>\n\n\n\n

Remember to choose what works best for you because ultimately, you are the one who is going to have to enjoy the pros and deal with the cons. Better weigh them now.<\/p>\n","protected":false},"excerpt":{"rendered":"

In this business, you will encounter terms that you will use probably, every single day. 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