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 question is whether the surprise proposal by Mayor Todd Gloria on Thursday for the city to enter into a long-term lease for such a facility in Middletown is too good to be true. —Michael Smolens, San Diego Union-Tribune, 5 Apr. 2024

In 1991, a Jackson County Circuit judge ruled that the restaurant’s owner, Specialty Restaurants Corp., owed the property owner, Dean Realty Co., $1.5 million for defaulting on its lease and failing to build the restaurant properly. —Jenna Thompson, Kansas City Star, 5 Apr. 2024

Its current lease at the Oakland Coliseum expires after the end of this season, closing the door on 56 years of baseball for the Bay Area’s small-market team. —Mathew Miranda, Sacramento Bee, 4 Apr. 2024

This news organization was the first to report in September 2023 that PwC was negotiating a lease at One Santana West. —George Avalos, The Mercury News, 1 Apr. 2024

Though work paused last summer, the business holds a similar lease in Botswana near the delta. —Alex Postman, Condé Nast Traveler, 1 Apr. 2024

When the business moved to a new location in 2019, Luong was offered the lease to the building — a prime piece of real estate. —Ella Gonzales, Fort Worth Star-Telegram, 29 Mar. 2024

The company also announced the closure of approximately 400 Family Dollar and Dollar Tree locations over the coming years as leases expire in the earnings call and press release. —James Powel, USA TODAY, 26 Mar. 2024

The firm just signed a five-year lease on a new office in downtown Seattle, where the aim is to cultivate a hub for designers, artists, and photographers to meet, exchange ideas, and hopefully continue to work together in the future. —Rachel Gallaher, Robb Report, 23 Mar. 2024

Verb

Following those meetings, Marsteller wrote in his letter, an offer was made to lease the property for a year at a market rate of $500,000 along with an option, but not an obligation, to purchase the property. —Joe Heim, Washington Post, 6 Apr. 2024

YouTube Local law enforcement officials told the Dallas Morning News that the Corvette is believed to be registered or leased to Rice, who grew up in a suburb in Dallas. —Bill Chappell, NPR, 3 Apr. 2024

One was leased to him by a luxury car rental company in Dallas, Classic Lifestyle, and the other vehicle was apparently registered to him, according to a police document. —James Hartley, Fort Worth Star-Telegram, 3 Apr. 2024

Saint Alphonsus is also leasing Saltzer’s urgent-care clinic at 215 E. Hawaii Ave. —Angela Palermo, Idaho Statesman, 1 Apr. 2024

Watches of Switzerland, a luxury vintage watch dealer, has leased in the commercial space at the Palmeraie and will also have a retail space inside the hotel, Ayoub said. —The Arizona Republic, 30 Mar. 2024

The sale may complicate plans by the city of Los Angeles to lease more than 300,000 square feet in the building. —Roger Vincent, Los Angeles Times, 28 Mar. 2024

The chain usually leases spaces of about 40,000 square feet. —Jeffrey Steele, Forbes, 27 Mar. 2024

Across the street at One America Plaza, the La Jolla museum leased an exhibition space the following year. —Christopher Knight, Los Angeles Times, 27 Mar. 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