Leasing a house involves 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 lease is typically for a longer period of time, usually six months or more, and lasts for one year or longer. Unlike renting, a lease does not automatically extend beyond the end of the term. The terms of the lease determine how long you can rent the property, the agreed-upon monthly rent, and other miscellaneous conditions such as a required house or yard maintenance. 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. A rental agreement is usually short term or month-to-month. When renting, the landlord has the right to change the rental agreement terms as they see fit. Rent refers to a regular payment made to a landlord by a tenant leasing property like a house or apartment.

In summary, the main difference between leasing and renting is the length of tenancy. A lease is typically for a longer period of time, usually six months or more, while a rental agreement is usually short term or month-to-month.