Renting

Kaohsiung Mosque First Building

MEZ 1911 10 01 20 object 594901 (2)

== Renting ==

Renting is an agreement where a payment is made for the temporary use of a good, service, or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership.

Types of Renting

There are several types of renting arrangements, including:

• Residential renting: This involves renting a house, apartment, or other living space. The tenant pays the landlord a monthly fee to live in the property.
• Commercial renting: This involves renting a property for business purposes, such as an office space, retail store, or industrial facility.
• Equipment renting: This involves renting machinery, tools, or other equipment for a specific period.
• Vehicle renting: This involves renting a car, truck, or other vehicle for a short-term period.

Lease Agreement

A lease agreement is a contract between a landlord and tenant that outlines the terms and conditions of the rental arrangement. It typically includes details such as the duration of the lease, the amount of rent, and the responsibilities of both parties.

Rights and Responsibilities

Both landlords and tenants have specific rights and responsibilities under rental agreements. These can vary by jurisdiction but generally include:

• Landlord responsibilities: Providing a safe and habitable living environment, making necessary repairs, and respecting the tenant's privacy.
• Tenant responsibilities: Paying rent on time, keeping the property in good condition, and adhering to the terms of the lease agreement.

Rent Control

Rent control refers to laws or ordinances that set price controls on the renting of residential housing. These laws are intended to ensure affordable housing and prevent excessive rent increases.

Security Deposit

A security deposit is a sum of money held in trust either as an initial part-payment in a purchasing process (often used to prevent the seller's selling to someone else during an agreed period of time) or, in the case of rentals, to ensure the property is not damaged during the term of the lease.

Eviction

Eviction is the process by which a landlord may legally remove a tenant from a rental property. Reasons for eviction can include non-payment of rent, violation of lease terms, or illegal activities on the property.

Related Pages

• Lease
• Landlord
• Tenant
• Rent control
• Eviction
• Security deposit

   This article is a real estate stub. You can help WikiMD by expanding it!