In a nutshell, yes.
For the future reference of others, a snippet from this document: <
> **Configuring the Address Lease Time**
>
> By default, each IP address assigned by a DHCP Server comes with a one-day lease, which is the amount of time that the address is valid. To change the lease value for an IP address, use the following command in DHCP pool configuration mode:
>
> **Command**
>
> Router(dhcp-config)# lease {days [hours][minutes] | infinite}
>
> **Purpose**
>
> Specifies the duration of the lease. The default is a one-day lease.
>
> * Use the show ip dhcp binding to display the lease expiration time and date of the IP address of the host.
>