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  1. keannu's Avatar
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    #1

    rent vs lease vs sublease

    I found the difference between "lease" and "rent" as below, and if you'd like to add more, please tell me. And one more thing. In Canada, I once saw a lady living in an apartment saying she is having a room or den rented by another tenant, her being the original tenant to save rent - for example, if she has to pay $1000 per month, she gets $400 for another tenant under her, paying only $600 from her side. It seemed to be illegal, which is quite true in Korea.
    Is this called "sublease" or "subrent"? The former seems to be only for offices, while the latter for apartments or condos.

    Improve this chart Lease Rent
    Meaning: It is a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company
    Flexibility: Not flexible It is flexible
    Time: Long term Short term
    Agreement: Pre determined and cannot be broken without breaking the lease Pre determined and terms can be

  2. MikeNewYork's Avatar
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    #2

    Re: rent vs lease vs sublease

    Quote Originally Posted by keannu View Post
    I found the difference between "lease" and "rent" as below, and if you'd like to add more, please tell me. And one more thing. In Canada, I once saw a lady living in an apartment saying she is having a room or den rented by another tenant, her being the original tenant to save rent - for example, if she has to pay $1000 per month, she gets $400 for another tenant under her, paying only $600 from her side. It seemed to be illegal, which is quite true in Korea.
    Is this called "sublease" or "subrent"? The former seems to be only for offices, while the latter for apartments or condos.

    Improve this chart Lease Rent
    Meaning: It is a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company
    Flexibility: Not flexible It is flexible
    Time: Long term Short term
    Agreement: Pre determined and cannot be broken without breaking the lease Pre determined and terms can be
    These words have a variety of legal meanings and terms depending on the jurisdiction. Your chart is over-simplified.

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    #3

    Re: rent vs lease vs sublease

    There is also the distinction between common use of terms and legal terms. Most people would say they "rent" an apartment -- even though they legally are leasing.

    On the other hand, people do speak about "leasing" cars, which is typically for a term of 2-3 years. This is an alternative to buying a car.

    When travelling, people "rent" cars - usually for a few days or weeks.

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