Leasing a house means signing a legally binding agreement between a lessor and a lessee that outlines the terms of the contract and the agreed-upon length of time that the lessee will live on the property and make consistent payments to the lessor. A typical lease lasts for one year or longer and does not automatically extend beyond the end of the term. However, some agreements do allow the tenant to sign a month-to-month tenancy after the initial term ends. Leasing a house offers tenants the sense of security of living in a home and the flexibility of not having to purchase a property.

In contrast, renting involves a contract between a landlord and tenant, which can be a formal contract or spoken agreement. Renting refers to the short-term arrangement of one party living in or using a piece of property owned by another party. When renting, the landlord has the right to change the rental agreement terms as they see fit, and a standard rental agreement is valid on a month-to-month basis.

In summary, leasing a house is a long-term agreement between a lessor and a lessee, while renting is a short-term arrangement between a landlord and tenant.