Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company. The owner of the property may be referred to as the lessor and the party paying to use the property as the lessee or renter. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental, which are regulated and managed under contract law. Examples include:

• Renting real estate (real property) for the purpose of housing tenure (where the lessee rents a residence to live in), parking space for a vehicle(s), storage space, whole or portions of properties for business, agricultural, institutional, or government use, or other reasons.

• When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, the lessor, often called a landlord (or landlady). The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things all under Real estate law.

• The rental agreement for real estate is often called a lease, and usually involves specific property rights in real property, as opposed to chattels.
• In India , the rental income on property is taxed under the head "income from house property". A deduction of 30 % is allowed from total rent which is charged to tax.

The time use of a chattel or other so called "personal property" is covered under general contract law, but the term lease also nowadays extends to long term rental contracts of more expensive non-Real properties such as automobiles, boats, planes, office equipment and so forth. The distinction in that case is long term versus short term rentals. Some non-real properties commonly available for rent or lease are:

• The renting of motion pictures on VHS or DVD, of audio CDs, of computer programs on CD-ROM.
• Renting transport equipment, such as an automobile, boat, or a bicycle.
• Renting somewhat specialized tools, such as a chainsaw, laptop, IT equipment or something more substantial, such as a forklift.
• Very specialized rental of equipment may include items as large as cranes, oil rigs and submarines.
• Renting a deckchair or beach chair and umbrella.
• Furniture
• Designer handbags, jewelry, sunglasses and watches.

In various degrees, renting can involve buying services for various amounts of time, such as staying in a hotel, using a computer in an Internet cafe, or riding in a taxicab (some forms of English use the term "hiring" for this activity).