Renting

Renting refers to the temporary transfer of the right to use a property in exchange for regular payments, usually called rent. The property owner is the landlord, and the person who pays to use the space is the tenant. Rentals can cover residences such as apartments and houses, or commercial space, cars, or equipment, though this article focuses on real estate.

A tenancy is typically governed by a lease or rental agreement. Leases set a fixed term, such as one year; periodic tenancies continue month to month. Agreements may be written or, in some places, oral, but written contracts are common because they spell rights and duties clearly. A security deposit is usually collected up front to cover damages beyond normal wear and tear; it is often refundable at the end of the tenancy subject to deductions and local law.

The rental process usually starts with searching for a property, viewing spaces, and submitting an application. Landlords may perform screening, including credit checks and references. If approved, the parties sign a tenancy agreement, pay the deposit and initial rent, and conduct a move-in inspection.

Rights and responsibilities vary by jurisdiction but commonly include: landlords must provide a habitable, safe dwelling, perform necessary repairs, and respect tenants’ privacy by giving reasonable notice before entry. Tenants must pay rent on time, keep the property reasonably clean, comply with lease terms, and report needed repairs.

Costs include rent, possible utilities, and sometimes fees for late payment, pets, or parking. Rent increases, when allowed, are typically subject to notice and local limits. Termination follows lease terms or legal eviction procedures; deposits are returned after move-out, minus legitimate deductions.