What is the difference between a lease and a rental agreement?

While some people use the terms "lease agreement" and "rental agreement" interchangeably, technically a lease agreement is used to create a fixed-term tenancy (terminating on a set date, i.e. after one year), while a rental agreement creates a periodic tenancy (automatically renews until one of the parties decides to terminate it, i.e. a month-to-month tenancy).

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