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

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