Property Renting or Leasing: Some Technical Differences

For starters, dealing with some technical terms in property can be confusing. Let alone the paper work that comes along with leasing or renting, these do not always come easy. If it is your first experience to actually making the first step of independent living, make sure that you get the picture first before coming into an agreement or contract. Failure in preparing yourself well can result in misunderstanding and in worse cases, what you agree or sign for does not actually match what you think. Renting home or apartment usually will put you on the stage of common agreement with the owner or third party –read: agent-.

Although the terms leasing and renting refer to the same meaning, there is slight difference in concept that you need to understand. From the perspective of time, leasing means longer duration of time compared to renting home. Student’s housing or apartment is usually for lease and international students are allowed to stay for the first year. After that, they are encouraged to find a different accommodation since the unit will be offered to new students. It also applies in other context. Normally an agreement of duration of time with specific amount of monthly payment should be agreed in advanced in a form of written signed contract.

On the other hand, renting home, room or other accommodation is more casual since verbal agreement or other informal arrangement can be made. Take for instance if you live with a family, and rent a room. Informal arrangement can be made or a tight contract can also be applied. Although is larger context like leasing or renting apartment unit or home, these two terminologies can be exchangeable.  Having been aware of these technical matters, what you need to be aware of is actually points in the contract. Make sure that everything is clear before you agree and sign. Remember, after signing, no matter how disagree you are, it cannot be adjusted anymore.

Similar Posts: