It is known as rent to the process by which two parties make the temporary transfer of a good or service in exchange for a consideration that is generally of an economic nature.
It is very common to identify the concept of rental with that of leasing . As is the case in the latter, there is the case of an agreement between a lessor and a lessee through which a particular asset is enjoyed after the due payment of financial compensation.
In fact, it is often understood that the rental concept refers specifically to the action of facing a lease between two parties. In that sense, both leasing and renting are understood as similar, so the distinction between the two will be based on the nature of the good or service in which we focus (the concept of leasing for the real estate field is used more).
The payment of a rental can take place at one time as a single payment, although it is much more frequent to be made through periodic payments or fees (usually monthly).
Economic sectors prone to rental use
Although the most common market in which rental operations take place is that of housing, there are other prominent sectors in goods and services. This type of practice is common in vehicles, tools, light and sound equipment, musical instruments or even for catering companies and event organizers.
Also in recent years, the example of streaming services has proliferated with the advance of new technologies and digital platforms. These services basically consist of subscriptions to multimedia services that, in their most basic scheme, can be defined as content rents.
Other aspects of the rental
In many cases the concept of subletting appears, where the natural or legal person who pays to enjoy a particular good ( real estate in most cases) in turn performs the work of lessor with a third party.
This practice is observed in cases of rental of vehicles, where the companies directed to this activity have fleets of vehicles rented or acquired by means of renting or leasing contracts .