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Renting is a way to use a good, a service or a property that someone else owns, in return for payment over a fixed period. It goes by other names too, including hiring and letting.
In renting, one party pays another for the use of something that party owns, whether a good, a service or a property, and the use lasts for a fixed period. Renting is also called hiring or letting. Typically, a written agreement is signed, and it sets out each side's role and what is expected of them.
Renting covers many different types of arrangement. An agreement that goes by the name of a rental agreement tends to cover a shorter term, while a lease refers to a longer one, and leasing is another name for a lease.
Renting is also called hiring or letting.
Roman law mentions several kinds of rent. These include canon, tied to a long leasehold tenure called Emphyteusis, reditus for a farm, solarium as ground-rent, vectigal for state lands, and prensio, an annual rent for a right of perpetual enjoyment over anything built on land's surface.