lease

1 of 2

noun

ˈlēs 

1

: a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent

took out a five-year lease on the house

also : the act of such conveyance or the term for which it is made

2

: a piece of land or property that is leased

3

: a continuance or opportunity for continuance

a new lease on life

lease

2 of 2

verb

leased; leasing

transitive verb

1

: to grant by lease

2

: to hold under a lease

leasable

ˈlē-sə-bəl 

adjective

Synonyms

Verb

• let [chiefly British]
• rent

Choose the Right Synonym for lease

hire, let, lease, rent, charter mean to engage or grant for use at a price.

hire and let, strictly speaking, are complementary terms, hire implying the act of engaging or taking for use and let the granting of use.

we hired a car for the summer

decided to let the cottage to a young couple

lease strictly implies a letting under the terms of a contract but is often applied to hiring on a lease.

the diplomat leased an apartment for a year

rent stresses the payment of money for the full use of property and may imply either hiring or letting.

instead of buying a house, they decided to rent

will not rent to families with children

charter applies to the hiring or letting of a vehicle usually for exclusive use.

charter a bus to go to the game

Examples of lease in a Sentence

Noun

They took out a five-year lease on the house.

We hold leases on both of our cars.

Verb

She leases a red convertible.

I have leased this house for the last four years.

We leased the house to a young married couple.

Recent Examples on the Web

Noun

The company has entered into a new commercial lease agreement for office space to be used as its headquarters for private education, with a base rent of CA$4,366.86 per month for 2024. —Quartz Bot, Quartz, 15 Nov. 2024

The National Park Service has said that if agricultural operators lose their leases there, all people living on those farms and ranches would have to leave. —Richard Halstead, The Mercury News, 14 Nov. 2024

Verb

Quaint Oak Bancorp entered into an agreement to sell and lease back its property in Allentown, Pennsylvania. —Quartz Bot, Quartz, 14 Nov. 2024

Complex leases potentially a factor There’s also another possibility. —Jesse Silvertown, Forbes, 5 Nov. 2024

Word History

Etymology

Noun

Middle English les, from Anglo-French, from lesser

Verb

Anglo-French lesser, laisser, lescher to leave, hand over, lease, from Latin laxare to loosen, from laxus slack — more at slack

First Known Use

Noun

14th century, in the meaning defined at sense 1

Verb

circa 1570, in the meaning defined at sense 1

Phrases Containing lease

• a new lease on life
• lend-lease
• re-lease

Kids Definition

lease

1 of 2 noun

ˈlēs 

1

: an agreement to hand over real estate for a period of time usually for a specified rent

also : the act of leasing real estate

2

: property that is leased

lease

2 of 2 verb

leased; leasing

1

: to grant by lease : let

2

: to hold under a lease

Legal Definition

lease

1 of 2 noun

ˈlēs 

1

a

: a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner

also : the act of such conveyance or the term for which it is made see also sublease compare easement, license, security interest at interest sense 1, tenancy

Note: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.”

— building lease

: ground lease in this entry

— consumer lease

: a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use

— finance lease

: a lease in which the lessor acquires goods from a supplier in accordance with the specifications of the lessee

Note: Under section 2A-103 of the Uniform Commercial Code, before the lessor signs the lease or the lease becomes effective, the lessee must receive a copy of or approve of the contract by which the goods were acquired or must receive a statement of terms (as warranties, disclaimers, and liquidated damages) relating to the contract or notification of where such information can be obtained.

— ground lease

: a lease of land usually for a long term in consideration of the payment of rent and with the agreement that the lessee build or improve a structure on the land

called also building lease

— mineral lease

: a lease granting the right to work a mine and extract the minerals or other valuable deposits from it under prescribed conditions (as of time, price, or royalties)

called also mining lease

— net lease

: a lease requiring the lessee to assume all operation expenses (as for maintenance, insurance, and taxes) in addition to the payment of rent

— operating lease

: a lease of property and especially equipment for a term which is shorter than the property's useful life and in which the lessor is responsible for certain expenses (as taxes)

— perpetual lease \ pər-​ˈpe-​chu̇-​wəl-​ \

: a lease renewable forever at the lessee's option

— proprietary lease

: a lease used to convey to a member of a cooperative the exclusive possession of a residential unit

— true lease

: a lease that resembles a security agreement but retains the attributes of a lease

b

: property and especially real property that is leased

2

in the civil law of Louisiana : a contract by which a person provides labor or services for a price

lease

2 of 2 verb

leased; leasing

transitive verb

1

: to grant by lease to another

leases mopeds to tourists

2

: to hold under a lease

a company leasing a fleet of cars for its executives

intransitive verb

1

: to be under a lease or subject to a lease

the vacation house leases for $500 a week

2

: to grant property by a lease

have leased to students in the past

Etymology

Noun

Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack