The difference is that a lease is a contract to rent a given property for a set time and for a set amount. When you rent without a lease, there is no guarantee either way, and the renter can leave at will, and the landlord can evict you at will -- though laws vary, and even without a lease some states may make it difficult for a landlord to kick you out on a moment's notice if you're current with the rent. With a lease, as the renter, you are guaranteed that the rent won't go up during the lease (unless the lease says it can) but, in turn, you are legally obligated to pay the full amount of the lease even if you move out before the lease is up. But many landlords will simply charge you a "lease break fee" to get out of a lease early. There's a little more to it than this, for example, if you do break a lease, the landlord is obligated to fill the apartment as quickly as possible, and charge you only for the time that the property was vacant and not for the full remainder of the lease. There are also rental agreements that are not leases. Like a lease, it spells out the rules, what utilities are included with the rent, pets, etc., but doesn't obligate ether party for a long term agreement -- typically, requiring 2-weeks notice from either landlord or tenant.

I always thought they mean the same thing. I think in some parts of the country pepole say 'lease' in others they say 'rent'.

Leasing is temporary ownership with all the responsibities that entails. Renting is temporary use with upkeep responsibility to the owner.

A lease is defined as a contractual agreement between a lessor and lessee that gives the lessee the right to use specific property, either owned by or in the possession of the lessor, for a specified period of time in return for stipulated, and generally periodic, cash payment Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company. The owner of the property may be referred to as the lessor and the party paying to use the property as the lessee or renter. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental. Examples include: Renting real estate for the purpose of Housing tenure (where the lessee rents a residence to live in), parking a vehicle(s), storage, business, agricultural, institutional, or government use, or other reasons. When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, often called a landlord. The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things. The rental agreement for real estate is often called a lease. The renting of motion pictures on VHS or DVD, of audio CDs, of computer programs on CD-ROM. Renting transport equipment, such as an automobile, boat, or bicycle. Renting somewhat specialized tools, such as a chainsaw, laptop or something more substantial, such as a forklift. Renting a beach chair and umbrella.

Me again - here's the deal: I have never rented a home before; one is available for lease in my area. What are the advantages vs disadvantages of such an arrangement? I have leased a vehicle before, and to my understanding the payments can be applied to the purchase at the end; is that the same deal with a house?

I own several rental properties. Some are leased and some are rented, depending upon the needs or circumstances of the tenant. 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.

It's the same thing. In the vernacular, leasing refers to a longer period of time, but it's basically identical.

I truly don't see a difference except the possibility of a percentage rate being added if its a lease. But that could be done for a rental as well.

Renting is a contract term where you pay money to control a property (an apartment, for instance). Leasing is where your money is applied to the purchase price of something. If you RENT an apartment, you LEASE a condominium, meaning that eventually you will actually own that piece of space. Renters never gain ownership of anything. Leasing is common also with vehicles and resort/vacation properties.

In modern conversational English, a rental agreement and a lease agreement are used interchangeably. Many lease agreements do NOT allow an option to purchase. If you want to review a sample lease agreement for your state, you can always check out http://www.ezlandlordforms.com/documents/lease_agreements/ but from a legal perspective, a rental agreement and a lease agreement refer to the same type of legal document.