Note
Most people use the terms lease and rent synonymously, which is fine because leasing a home and renting a home have the same premise of paying a predetermined monthly amount for housing. The main difference lies in the length of the agreement and its terms.
Renting agreements typically last for 30 days, while a lease lasts for anywhere between 6 to 24 months, typically 12 months as standard. Moreover, a lease contract binds both, you and the landlord, from deviating from its terms.
This generally means no rent raises without your written consent or eviction without cause, but it also means you cannot terminate the lease or stop paying rent without repercussions. No matter your agreement, Your Home Hero will always guide you through every detail of it.
Repercussions for breaking or terminating the agreement mean that you will either have to find a new tenant for the remaining lease period or lose your security deposit. It also means the landlord can sue to get you evicted if you stop paying rent.
Rental agreements, on the other hand, are even more flexible. They are renewed every month and without much commitment on your part. However, the landlord can change the price or terms of the rental agreement at the end of each month by giving you a written notice.
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