Investor · Hagerstown, MD · Member since 2014 · 299 posts · 140 votes
I notice that some use the term "For Rent" which is most common in our area, and some use "For Lease" which I seem to see mostly with commercial properties.
Which terms do you use? What's the difference...is there a difference?
Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes
12y
Agreed...they are used interchangeably. However...and please note this is just a personal observation and an opinion...I've noticed that the higher end properties tend to be more inclined to use the term lease and the more sophisticated tenants are the ones who will use the term "lease" in internet searches. Like I said, it may be just random happenstance where I've seen those things collide.
Rental Property Investor · Baltimore, MD · Member since 2011 · 83 posts · 35 votes
12y
A rental agreement provides for a tenancy of a short period (often 30 days) that is automatically renewed at the end of the period unless the tenant or landlord ends it by giving written notice. For these month-to-month rentals, the landlord can change the terms of the agreement with proper written notice.
A written lease, on the other hand, gives a renter the right to occupy a rental unit for a set term -- most often for six months or a year but sometimes longer -- as long as the tenant pays the rent and complies with other lease provisions. The landlord cannot raise the rent or change other terms of the tenancy during the lease, unless the tenant agrees.
Unlike a rental agreement, when a lease expires it does not usually automatically renew itself. A tenant who stays on with the landlord's consent after a lease ends becomes a month-to-month tenant, subject to the rental terms that were in the lease.
Really, people use the terms interchangeably most of the time.
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
12y
Lease implies a longer term and perhaps a more formal agreement. Most people in residential real estate use the words interchangeably. I ruse the word rent by convention, but tenants actually sign a lease.
Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes
12y
Agreed...they are used interchangeably. However...and please note this is just a personal observation and an opinion...I've noticed that the higher end properties tend to be more inclined to use the term lease and the more sophisticated tenants are the ones who will use the term "lease" in internet searches. Like I said, it may be just random happenstance where I've seen those things collide.
Investor · Fort Lauderdale, FL · Member since 2012 · 1k+ posts · 465 votes
12y
in most context they are interchangeable.
I have never seen a yard sign saying FOR LEASE, always FOR RENT.
In my lease agreement, it says the tenants are leasing the property for a period of 1 year, for a total payment of $24,000, payable [ ] Lump sum, or [ ] in installments of $2000 a month. I don't ever say it is a "monthly rent", although most tenants think of it as a monthly rent.
Investor · Hagerstown, MD · Member since 2014 · 299 posts · 140 votes
12y
Thanks, everyone. I am getting a custom yard sign made and noticed in some of the templates that it said "FOR LEASE" or "FOR RENT". My lease refers to itself as a lease, but mostly in my area the term "FOR RENT" is used so I probably should go with that.