In a rent-to-rent lease agreement, the operator pays the landlord a fixed monthly rent and keeps the difference between that rent and what they earn from guests. The operator bears the financial risk of void periods. In a management agreement, the operator manages the property on behalf of the owner and takes a percentage of revenue rather than paying a fixed rent. The landlord retains more financial risk but also more upside. Lease agreements are more common in short-term rental R2R operations because they give the operator greater control over pricing, guest selection and property presentation.