The main difference between renting and leasing is the duration and commitment of the agreement:

• LeasingA lease is a long-term agreement that provides stability and predictability. Leases are typically fixed-term agreements that can last from six months to one year. However, they cannot be automatically renewed. Breaking a lease or terminating it early often results in fees or penalties, and you may still be responsible for paying the remaining rent.
• RentingA rental agreement is a short-term agreement that offers more flexibility than a lease. Rental agreements can last anywhere from a month-to-month basis to a six-month contract. Rental agreements are automatically renewed unless you provide written notice to stop the renewal at least 30 days prior. 

Other differences between renting and leasing include:

• Property maintenance: In a lease, the lessee is responsible for property maintenance. In a rental agreement, the homeowner is responsible for property maintenance. 
• Equity: Renters do not build equity in the property, while homeowners do. 
• Tax benefits: Rent payments cannot be deducted as a business expense or a tax deduction.