rent

Rent is the payment made by a tenant to a landlord for the use of property, land, or services for a specified period. In ordinary usage, rent covers housing but may apply to commercial space, equipment, or other assets under a lease. A lease agreement or tenancy contract outlines rights and duties, including duration, payment amount, due date, maintenance responsibilities, and termination conditions. A security deposit is commonly required to cover damages or unpaid rent.

Economists distinguish nominal rent (the actual cash payment) from economic rent, which is the surplus earned by the owner of a resource due to its limited supply, and from imputed rent for owner-occupied housing representing the economic value of living there.

Rent levels are influenced by supply and demand, neighborhood characteristics, and property features. Many jurisdictions regulate rents through measures such as rent control or rent stabilization, which limit increases. Policies on eviction processes and tenant protections vary widely.

Rent burden occurs when housing costs exceed a share of income. Public policy may address affordability with tenant protections, housing subsidies or vouchers, and incentives for new rental housing. The rental market includes short-term rentals and vacation rentals, which may be subject to separate rules.

Tenants' and landlords' rights include privacy, the right to a habitable dwelling, and proper notice for rent increases or eviction. Disputes may be resolved through mediation, arbitration, or courts. The rental economy plays a central role in housing markets, commercial activity, and urban development, with regulatory frameworks shaping access, stability, and expectations for both sides of the lease.