What is an apartment lease?

A lease is a contract outlining the specifics for the rental period, including the cost of rent, the date rent is due, rules for the unit and specifics regarding payment of utilities. It's an agreement between the landlord and tenant that defines the conditions under which the tenant is allowed to live in the property.

What is the difference between lease and rent?

A lease is a document that outlines the responsibilities of a tenant and landlord for the duration of the tenancy. Rent is the amount of money a tenant agrees to pay the landlord each month while occupying the rental.

What is a lease in real estate?

A lease is a contract outlining the terms under which one party agrees to rent an asset—in this case, property—owned by another party. It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange.