What is a lease?
A lease is a contract that gives a tenant the right to use property for a fixed term in exchange for agreed rent.
A lease is a contract granting use of property for a period in exchange for rent.
Where the word "Lease" comes from
Lease traces to the Latin laxare, to loosen or let. It describes the letting of land or premises for a period in exchange for rent, one of the oldest forms of property agreement, with roots in both Roman and English landlord-tenant law.
Why Lease matters
It binds both sides for the term: the tenant owes rent and the landlord must deliver habitable premises. The written lease prevents disputes by fixing the rules upfront, from the rent amount to repair duties and notice periods.
Common confusion about Lease
A lease is not the same as a rental agreement month to month. A lease fixes the term and rent; a periodic tenancy renews automatically and is easier to end with notice. Knowing which one you have changes your rights and obligations substantially.
A real-world example of Lease
You sign a one-year lease for an apartment at $1,500 a month, with rules on pets and repairs. The lease binds both sides, so breaking it early can trigger penalties unless the lease allows it, and the landlord cannot raise the rent during the term.
A worked example of Lease
A small business leases retail space for five years with a renewal option. The landlord cannot raise rent during the term, and the tenant cannot leave without paying the remaining rent or finding a qualified assignee. The fixed term gives both sides planning certainty that a month-to-month deal would not provide, and the renewal option lets the tenant lock in favorable terms for a second period if the location performs well.
How Lease works in practice
Read the whole lease before signing, especially clauses on deposits, repairs, subletting, and early termination. Photograph the unit's condition at move-in to protect your deposit, and keep written records of repair requests. Understand your state's notice rules so you are not surprised at renewal or move-out, and negotiate problematic clauses upfront while you still have leverage.
Questions about Lease
Can a landlord raise rent mid-lease?
Generally not during a fixed term unless the lease allows it.
What if I break the lease?
You may owe remaining rent or a penalty, subject to state law.
Is a lease required in writing?
Often yes for terms over one year under the statute of frauds.