Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company. Property is any physical or virtual entity that is owned by an individual 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. Ownership is the state or fact of exclusive rights and control over Property, which may be an object, land/real estate, Intellectual property There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental. A rental agreement is a Contract, usually written between the owner of a property and a renter who desires to have temporary possession of the property A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law Examples include:

• Renting real estate (real property) for the purpose of housing tenure (where the lessee rents a residence to live in), parking a vehicle(s), storage, business, agricultural, institutional, or government use, or other reasons. Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom Housing tenure refers to the financial arrangements under which someone has the right to live in a House or Apartment. Parking is the act of stopping a Vehicle and leaving it unoccupied for more than a brief time 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, often called a landlord (or landlady). Landlord is the owner of a House, Apartment, Condominium, or Real estate which is rented or Leased to an individual or business 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. House generally refers to a Shelter or Building that is a Dwelling or place for Habitation by Human beings. In Architecture, Construction, Engineering and real estate development the word building may refer to one of the following Any man-made The rental agreement for real estate is often called a lease.
• The renting of motion pictures on VHS or DVD, of audio CDs, of computer programs on CD-ROM. DVD (also known as " Digital Versatile Disc " or " Digital Video Disc " - see Etymology)is A Compact Disc (also known as a CD) is an Optical disc used to store digital data, originally developed for storing digital audio Computer programs (also software programs, or just programs) are instructions for a Computer. CD-ROM (an initialism of "Compact Disc Read-Only Memory " is a pre-pressed Compact Disc that contains data accessible to but not writable
• Renting transport equipment, such as an automobile, boat, or a bicycle. Transport or transportation is the movement of people and goods from one place to another A boat is a Watercraft of modest size designed to float or plane on water and provide transport over it The bicycle, cycle, or bike is a pedal-driven, human-powered vehicle with two wheels attached to a frame, one behind
• Renting somewhat specialized tools, such as a chainsaw, laptop, IT equipment or something more substantial, such as a forklift. A broader definition of a tool is an entity used to interface between two or more domains that facilitates more effective action of one domain upon the other A chainsaw (or chain saw) is a portable mechanical motorized Saw.
• Renting a deckchair or beach chair and umbrella. A deckchair is a Folding chair, usually with a frame of treated wood or artificial material (for protection against the weather and a fabric or Vinyl backrest A strandkorb (German literally beach basket) is a special Chair designed to provide comfort and protection from sun wind rain and sand on Beaches frequented "Parasol" redirects here For other uses see Umbrella (disambiguation, Umbrella (song or Parasol (disambiguation

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). A hotel is an establishment that provides paid lodging usually on a short-term basis A computer is a Machine that manipulates data according to a list of instructions. A taxicab, also taxi or cab, is a type of Public transport for a single passenger or small group of passengers typically for a non-shared ride

Reasons for renting

There are many possible reasons for renting instead of buying, for example:

• In many jurisdictions (including India, Spain, Australia, and the United States) rent used in a trade or business is tax deductible. India, officially the Republic of India (भारत गणराज्य inc-Latn Bhārat Gaṇarājya; see also other Indian languages) is a country Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. For a topic outline on this subject see List of basic Australia topics. The United States of America —commonly referred to as the Trade is the willing exchange of goods, services, or both Trade is also called Commerce. A tax deduction or a tax-deductible expense affects a taxpayer's Income tax. Rent on a dwelling is not tax deductible. "Habitation" redirects here For Habitation at Port-Royal see Habitation at Port-Royal.
• Financial inadequacy, such as renting a house when one is unable to buy it. House generally refers to a Shelter or Building that is a Dwelling or place for Habitation by Human beings. One may not wish to pay the full price that ownership would need, allowing for smaller payments over a specified period of time.
• Reducing financial risk due to depreciation and transaction costs, especially for real estate which might be needed only for a short amount of time. Depreciation is a term used in Accounting, Economics and Finance to spread the cost of an Asset over the span of several years In Economics and related disciplines a transaction cost is a Cost incurred in making an economic exchange
• When something is needed only temporarily, as in the case of a special tool, a truck or a skip. A broader definition of a tool is an entity used to interface between two or more domains that facilitates more effective action of one domain upon the other This article is about the semi-truck For the North American use of the word see Pickup truck. right|200px|thumb|A full skip A skip (occasionally rubbish skip and in American English classed as a type of dumpster) is a large open-topped container designed
• When something is needed that may or may not be already owned but is not in proximity for use, such as renting an automobile or bicycle when away on a trip.
• Needing a cheaper alternative to buying, such as renting a movie: a person is unwilling to pay the full price for a movie, so they rent it for a lesser price, but give up the chance to view it again later.
• The renter may want to leave the burden of upkeep of the property (mowing the lawn, shoveling snow, etc. Maintenance repair and operations or maintenance repair and overhaul (MRO is fixing any sort of mechanical or Electrical device should it ) to the owner or his agents.
• There is no need to worry about lifespan and maintenance. The word longevity is sometimes used as a synonym for " Life expectancy " in Demography. Maintenance repair and operations or maintenance repair and overhaul (MRO is fixing any sort of mechanical or Electrical device should it
• Renting keeps off-balance-sheet the debt that would burden the balance sheet of a company in case the property would have been bought. Off balance sheet (OBS usually means an Asset or Debt or financing activity not on the company's Balance sheet. In Financial accounting, a balance sheet or statement of financial position is a summary of a person's or organization's balances

Some merchants have rent-to-own (also called lease-purchase or hire purchase) programs, usually for expensive items such as houses or appliances. Merchants function as professionals who deal with Trade, dealing in commodities that they do not produce themselves in order to produce Profit. Hire purchase (frequently abbreviated to HP) is the legal term for a contract developed in the United Kingdom and now found in India Australia New Zealand Ireland Houses however are more commonly sold using a mortgage rather than hire purchase, the difference being who the house legally belongs to during the payment period: the seller in the former case, and the buyer in the latter. A mortgage is the pledging of a property to a Lender as a security for a Mortgage loan.

As seen from the examples, some rented goods are used on the spot, but usually they are taken along; to help guarantee that they are brought back, one or more of the following applies:

• one shows an identity document
• one signs a contract; any damage already present when renting may be noted down to avoid that the renter is blamed for it when the good is returned
• one pays a damage deposit (a refundable fee that may be used in part to pay for damage caused by the renter)

Sometimes the risk that the good is kept is reduced by it being a special model or having signs on it than can not easily be removed, making it obvious that it is owned by the rental company; this is especially effective for goods used in public places, but even when used at home it may help due to social control. A surety is a person who agrees to be responsible for the Debt or obligation of another An identity document, also called a piece of identification ( ID) is a document used to verify aspects of a person's Identity. A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law A damage deposit or deposit is a sum of Money paid in relation to a rented item to ensure it is returned in good condition

Renters may be subjected to credit reports and a new form of anonymous website ratings (such as on http://www.spanktherenter.com).

Persons and businesses that regularly rent goods from a particular company generally have an account with that company, which reduces the administrative procedure (transaction costs) on each occasion. In Economics and related disciplines a transaction cost is a Cost incurred in making an economic exchange

Signing out books from a library could be considered renting when there is a fee per book. A Book is a set or collection of written printed illustrated or blank sheets made of Paper, Parchment, or other material usually fastened together A library is a collection of information sources resources and services and the structure in which it is housed it is organized for use and maintained by a public body an institution However the term lending is more common.

See also

Renter Rating-[[[1]]]

• Bid rent theory
• Leasing
• Online DVD rental
• Rental agreement
• Rental car
• Rental shop
• Vacation rental
• Anti-Rent War