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• Rental is an oral or a written agreement between a landlord and a tenant for a short time period (on a month to month basis) where the tenant agrees to pay a sum of money on a monthly basis whereas lease is a written agreement for a set period of time (usually 1 year).
• While the terms can be changed after a month in a rental agreement, a landlord cannot increase the rent inside the duration of the lease agreement and also cannot evict the tenant from the premises during the time period of the lease agreement.
• Lease provides stability and does not ask the landlord to look for a new tenant frequently. It is, therefore, preferred in places where there is a seasonal shortfall of tenants.