Definition

1. Noun:

   • A legal contract granting the right to use property for a specified period in return for payment: A "lease" is a binding agreement between an owner (lessor) and a user (lessee) for the temporary use of an asset, such as a building, land, or vehicle, for rent.
   • The period of time such a contract is in effect: "Lease" can also refer to the duration covered by the rental contract.

2. Verb:

   • To grant the temporary use of (property, equipment, etc.) to another in return for payment: This means to allow someone to use your property under the terms of a lease agreement.
   • To hold or use (property) under the terms of a lease agreement: This means to occupy or use property by renting it from the owner.

Usage Examples

• Noun:

  • We signed a five-year lease for the office space.
  • The apartment lease expires next month.

• Verb:

  • The company decided to lease its unused warehouse.
  • They prefer to lease a car rather than buy one.

Advanced Usage

• "To take/have a new lease of life" (idiom): To become more energetic, active, or successful again, as if starting a new life.

  • After the successful surgery, she felt she had a new lease of life.

• "To put out to lease": To make property available for renting.

  • The landlord put the commercial unit out to lease.

• "On a lease": Describes an arrangement governed by a lease contract.

  • The equipment is provided on a lease.

Variants and Related Words

• Lessor (n): The owner who grants a lease.
• Lessee (n): The person who holds a lease; the tenant.
• Leasehold (n): The holding of property by lease.
• Sublease (n/v): A lease granted by a tenant to another party for part of the leased property or period.

Synonyms

• Noun: Rental agreement, contract, tenure.
• Verb: Rent, let, hire, charter.

Related Phrasal Verbs

• Lease out: To grant a lease for something.
  • The factory owner decided to lease out the old building.

Related Idioms

• A new lease of life: A renewed vitality or opportunity for success.
  • The refurbishment gave the old theater a new lease of life.

Noun

1. the period of time during which a contract conveying property to a person is in effect
2. a contract granting use or occupation of property during a specified time for a specified payment
3. property that is leased or rented out or let

Verb

1. engage for service under a term of contract
   • We took an apartment on a quiet street
   • Let's rent a car
   • Shall we take a guide in Rome?
2. grant use or occupation of under a term of contract
   • I am leasing my country estate to some foreigners
3. hold under a lease or rental agreement; of goods and services
4. let for money
   • We rented our apartment to friends while we were abroad