When you want to live in a house without taking out a mortgage, renting or leasing may be the right path for you. But before you browse local listings, you should familiarize yourself with what these terms mean. While renting and leasing are often used interchangeably, both refer to two different types of agreements that offer unique pros and cons. To help you find the property that’s best for your needs, here’s a quick comparison between renting and leasing a house.

Renting

Rent refers to the payment from a tenant to the owner to use a specific property—usually for a month. The amount to be paid is typically outlined within a lease or rental agreement that’s signed by both parties.

However, since these agreements work on a month-to-month basis, the landlord has the right to adjust the terms when the 30-day period is up. For example, they may raise the rent or enact new policies that the tenant must abide by.

You may benefit from renting if you need a flexible living arrangement. Many people prefer to rent month-to-month if they don’t need the home for extended periods. For instance, college interns may take this approach to work in a city for a few months and still have the flexibility to leave without penalty when the internship is over.

Leasing

Leasing a house is the act of signing an agreement to pay a monthly rent for a fixed period—such as six months or a year. Landlords and tenants can adjust the contract before signing to establish terms that fit the situation.

Apart from setting a rent price, lease agreements include several other terms for the tenant and property owner. Specifically, these contracts can determine whether or not pets are allowed in the house or outline tenant responsibilities, such as appliance maintenance.

Leasing is ideal for those looking for predictability with their rental. Since these agreements are locked in for a set time limit, the tenant doesn’t have to worry about being asked to move or pay higher rent without proper notification. Once the lease expires, it may be changed, renewed, or converted into a month-to-month agreement.  

Managing more than 160 properties in the Hinesville, GA, area, David McDonald Rentals is a top resource for leasing a house in Liberty and Long counties. In addition to helping you find the best home for your situation, this team will also provide a straightforward lease agreement that keeps terms clear and rents affordable. Tenants have access to a streamlined web portal to submit rent payments and make maintenance requests. To learn more about their impressive houses and mobile homes for lease, visit this local property management company online. For questions about available properties or agreement terms, call (912) 368-9218.