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To rent or hire or lease

By CEO on 07-Aug-13

Do you rent or hire a TV? What about car - rent a car or hire a car? I think this is a question which can have multiple answers and in this blog I will give my take on the difference/similarities. I will encourage my readers to post their comments supporting or disputing the usage.

Hire - The word hire is used typically with labor or service wherein any person or company is hired to impart a service. E.g. Hire a developer, Hire a Consulting company etc. 
With respect to products the word hire is not often used. But as per British English, hire is used when that product is hired for one-time usage wherein we do not take posession of it. E.g. Hire a car or auto.

Rent - The word rent is used for a physical equipment/product or property. E.g. Rent a Flat, Rent a Drill Machine, Rent a Piano etc. It is typically used in Americal English and indicates that there is a periodic payment associated with renting (rental charges).

Lease - Yes, that is another variation! I think any kind of renting which is more formal, involves a legal contract and is typically for a longer duration is termed lease. What is your take on this?

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