Difference between rent, lease and hire

Question

I search in Vietnam Dictionary the concept of Rent, Lease and Hire, but I still not understand the difference between them. Whether someone can help me??? Thank you

Clive · Accepted Answer

Here are a few quick comments on the general idea, and examples

rent Suggests 'for a short period of time.
eg I rent a car.
eg I rent a formal suit to get married in.
eg I rent an apartment. I may live there for a long period, but I can usually leave at short notice.
eg I rent some equipment to do some work at my home.

lease Like 'rent', except the period of time involved is longer.
eg I lease an apartment. I agree to stay there for a longer period of time, like two years.
eg I lease a car. I agree to keep it for perhaps 3 years.

hire In N. America, commonly refers to a person.
eg I hire a new employee.
eg I hire a lawyer or an accountant, or someone to paint my house.

Clive

Difference between rent, lease and hire

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