noun / verb

lease

LEESS/liːs/

An agreement granting temporary use of property for payment, or to rent under such an agreement.

Our lease requires us to pay rent by the first.

A compact three-stage sequence shows a signed property agreement, paid occupancy, and the return of the same apartment key when the occupant moves out.

Etymology

“To loosen” became “to let go” or “allow,” providing the bridge to letting property. A lease names the agreement permitting another person to use that property for a fixed time and payment.

In context

Jimmy Maio6:53

Tenants typically hand over a lump sum, often 60% to 90% of a property's value as a security deposit for a 2-year lease. No rent is paid during this time and the deposit is returned at the end.

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More examples

We lease a car instead of buying one.
She leases her farmland to a neighbor.
The tenants signed a new lease for another year.

Forms

lease · leases · leased · leasing

lessee noun — Someone who rents property under a lease.

lessor noun — Someone who grants property use under a lease.

Similar words

rent: Emphasizes paid use without necessarily suggesting a fixed-term contract.
contract: Covers many binding agreements, not just paid property use.