Lease and Rent

Lease and Rent are usually misunderstood by laymen as a synonym. What is the difference? Which is a better option? Well, here is a little brief into it.
Rent is a periodically payment to the landlord for the usage of property/ asset usually for a short term. It can be just a verbal contract or written contract. It is quite flexible as it’s easier to make changes in the contract terms.
Lease is a legal written agreement between two people/parties for the usage of a property for a fixed amount of time and rent (money). It is usually for a long period of time. The agreement is not flexible as neither party can change its term until the lease expires or both the parties agree to change. The payer is called Lessee and the receiver is called Lessor.
Rent on the other hand is very flexible and its term can be changed by the Owner of the property eg. They can increase the rent and it is upon the tenants whether they want to accept it or leave it. In lease, you cannot charge differently from the agreement unless both parties agree and make a new one.
In lease, the tenant has to pay monthly and/or follow the code of conduct as mentioned in the agreement, the tenant also cannot vacate the property before the agreement time expires, else the agreement is broken.
Rent is automatically renewed at the end of the term unless both the parties are not willing to continue. Lease has to be renewed with new agreement.
Which option is better? Well that depends upon the need of the person. Rent suits temporary requirements and for Longer establishment plans go for Lease because some properties/assets are also available at a depreciated rate to be purchased after the end of the Lease period. So, it’s like using the asset currently and accumulating money in the time course to buy the asset in future.
D.V.P