Leasing: meaning, definitions and examples

Used mainly when someone is acquiring the use of a high-value item like a car, building, or equipment for a longer period of time. It implies a formal and often legal agreement with terms and conditions.

• She is considering leasing a new car for her commute.
• The company is leasing equipment for the new project.

Generally used when referring to the process of paying for the temporary use of an item or property. This can apply to various contexts including vehicles, movies, and real estate.

• They went to the rental shop to get some movies.
• She has a car rental business.

Typically used when someone employs a person for a job or rents a service or item for a short period. It's common in everyday language and often informal.

• They decided to hire a gardener to maintain their lawn.
• You can hire a bike for the day.

Commonly used in British English when someone rents out a property, such as an apartment or house. It often implies a longer-term rental agreement and is specific to real estate.

• She is in charge of letting the holiday cottages.
• The agency specializes in short-term lettings.

Used again for obtaining the use of an asset for a period, synonymous with the first 'leasing'.

• We are leasing the equipment for the event
• Leasing property in this area has become quite expensive

Commonly used in everyday language to describe obtaining temporary use of an asset or property, often for shorter periods compared to leasing.

• They are renting a house for their vacation
• He is renting a car for the weekend

Used when an owner provides the use of an asset to another party for a period, effectively the opposite of leasing.

• She is leasing out her apartment while she is abroad
• The owner is leasing out farmland to local farmers

Used when forming a formal and legally binding agreement, especially related to services or work.

• They are contracting a construction company for the new building
• She is contracting freelance designers for the project

Formal agreements for long-term use of property, vehicles, or equipment. Typically used in commercial contexts.

• The company is leasing new office space for the next five years.
• We offer equipment leasing options for small businesses.

General term used for allowing someone to use a property, vehicle, or equipment in exchange for payment. Applicable in both informal and formal settings.

• She decided to rent out her spare room to make some extra money.
• They rent out their car when they're not using it.

British English term used for renting out property, usually residential. It can be either short-term or long-term.

• We are planning to let our flat while we travel abroad.
• The apartment was let to a young couple last month.

Informal arrangements where someone temporarily provides a service or their property for a fee. Often used for short-term situations.

• I decided to hire out my bike for the weekend.
• She's planning to hire out her cottage during the summer.