How does renting differ from leasing?

Renting and leasing are both arrangements that allow businesses to use assets without ownership, but they have distinct differences. Renting is typically a shorter-term arrangement, often used for specific projects or events. It offers flexibility in terms of rental duration, allowing businesses to adapt to changing needs. Leasing, on the other hand, usually involves longer-term commitments, often spanning several years. Leasing contracts might include options to purchase the asset at the end of the term. In terms of flexibility, renting offers more adaptable terms compared to leasing.