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

Many students attending colleges where off-campus housing is the predominant option after their first year are already saddled with a 12-month lease near their institution. —Byjane Swift, Fortune, 19 Apr. 2024

Swerdlow would own and develop the land, then rent it to Costco through a long-term lease. —Douglas Hanks, Miami Herald, 18 Apr. 2024

The contours were vague, but on the table were land transfers, lease adjustments, tax deals and a super-sized entertainment complex near the stadium. —Greg Burton, The Arizona Republic, 14 Apr. 2024

But natural gas prices continued to rise along with other cost pressures — including the loss of about $4.5 million when a lease with the state Department of Water Resources expired — and higher equipment costs. —Ishani Desai, Sacramento Bee, 13 Apr. 2024

Instead of moving forward with Reven, later this year San Diego will market the property for lease or sale alongside a handful of adjacent municipal blocks. —Jennifer Van Grove, San Diego Union-Tribune, 12 Apr. 2024

The vacancy rate measures the space being offered for lease by property owners. —George Avalos, The Mercury News, 10 Apr. 2024

That bill, which would protect tenants from unreasonable rent increases and require landlords to offer lease renewals, has been fiercely opposed by landlords. —Claire Fahy, New York Times, 8 Apr. 2024

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

Verb

Mario Tama/Getty Images Initially, Greenstone leased that land back to farmers, who planted fields of alfalfa and rows of puffball cotton. —Maanvi Singh, WIRED, 20 Apr. 2024

As the site explains: Several automakers have leased large areas in the ports for vehicle imports that so far have no customers for the cars. —Owen Bellwood / Jalopnik, Quartz, 17 Apr. 2024

Not long after, the airport leased him a derelict hangar where snow-removal equipment was being stored. —Gideon Lewis-Kraus, The New Yorker, 15 Apr. 2024

The coalition leases space in a building on Wilshire Boulevard in Koreatown. —Angie Orellana Hernandez, Los Angeles Times, 12 Apr. 2024

Six years later, her husband, Prince Albert, leased an estate with an old castle in the Highlands for his wife. —Sarah Kuta, Smithsonian Magazine, 12 Apr. 2024

Sell or lease city assets: selling golf courses; leasing Lunken Airport to the Cincinnati/Northern Kentucky International Airport; and selling parking garages. —Sharon Coolidge, The Enquirer, 11 Apr. 2024

In an investigation conducted by the DPD, authorities determined that on March 30, the wide receiver had been driving a Lamborghini while Knox was in a Corvette, which was leased in Rice's name. —Angel Saunders, Peoplemag, 11 Apr. 2024

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

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