lease, rental, letting (noun)

property that is leased or rented out or let

lease (noun)

a contract granting use or occupation of property during a specified time for a specified payment

lease, term of a contract (verb)

the period of time during which a contract conveying property to a person is in effect

rent, lease (verb)

let for money

"We rented our apartment to friends while we were abroad"

rent, hire, charter, lease (verb)

hold under a lease or rental agreement; of goods and services

lease, let, rent (verb)

grant use or occupation of under a term of contract

"I am leasing my country estate to some foreigners"

lease, rent, hire, charter, engage, take (verb)

engage for service under a term of contract

"We took an apartment on a quiet street"; "Let's rent a car"; "Shall we take a guide in Rome?"

Lease

A lease is a contractual arrangement calling for the lessee to pay the lessor for use of an asset. The narrower term rental agreement can be used to describe a lease in which the asset is tangible property. Language used is that the user rents the land or goods let or rented out by the owner. The verb to lease is less precise as it can refer to either of these actions. Examples of a lease for intangible property are use of a computer program, or use of a radio frequency. The term rental agreement is also sometimes used to describe a periodic lease agreement internationally and in some regions of the United States.

Lease

A lease is a contractual arrangement calling for the user (referred to as the lessee) to pay the owner (referred to as the lessor) for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. Basically a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use.