LEASE VS. RENT

WHAT IS A LEASE

LEASE is a contract that creates the relationship of landlord and tenant. A contractually binding agreement that grants a right to exclusive possession or use of property, usually in return for a periodic payment called rent. (Encyclopedia of Real Estate Terms 2nd Edition, Damien Abbott)

Thus, Leasing means obtaining the physical and partial economic use of a property for a specified period without obtaining an ownership interest.

Lessee The person renting or leasing the property,  also known as a tenant.

Lessor The person who rents or leases a property to another, Also known as a landlord.

WHAT IS A RENT

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RENT or Renting is an agreement where a payment is made for the temporary use of a good or property- in real estate, owned by another person or company. It is flexible, short term, pre-determined and terms can be changed. Agreement is also binding, in oral, but sensible if done in writing, can be cancelled anytime (but of course based on prior agreement between the lessor and lessee, and base on the Rental law of the Philippines).

Republic Act No. 9653 - AN ACT ESTABLISHING REFORMS IN THE REGULATION OF RENT OF CERTAIN RESIDENTIAL   UNITS, PROVIDING   THE   MECHANISMS   THEREFOR   AND FOR OTHER PURPOSES.

Sec.  4.  Subleasing or Assignment of Lease. — Subleasing or assignment of lease of the whole or any portion of the residential unit without the written consent of the owner lessor is prohibited. In no case shall the sublessor or assignor charge rentals higher than the rental charged on the property by the owner lessor: Provided, That if the subleased or assigned area in less than the total area originally leased, the rental shall be proportionately reduced.

You may wish to Download a copy of the Rent Control Act of 2009 otherwise known as the R.A.9653. If your situation doesn't fall under this act, you may always want to go and check the Philippine Civil Rights.

REFERENCE:

1. REALTORS Commercial Alliance: Commercial Real Estate Terms
2. http://www.congress.gov.ph/download/ra_14/RA09653.pdf
3. http://www.gov.ph/downloads/1949/06jun/19490618-RA-0386-JPL.pdf