What is Difference Between a Lease and a Rental Agreement?
Many people consider lease and rental agreements to be similar but there are certain distinctions. A lease agreement is a long-term agreement spanning over a period of six months or more. On the other hand, rental agreements can be on a month-on-month basis. Before going forward, first gain a deep understanding of leasing and renting.
Table 1: Growth in Renter vs. Homeowner Households
Household Type
Growth Rate (Year-over-Year)
Total Households (Q2 2024)