Rent Within the meaning, given by the Contract Law, this is the financial (monetary) consideration paid by a tenant to a landlord in exchange for the use and enjoyment of land, a building or a part of a building (called “a rental unit”). Providing such temporary enjoyment is called in practice “rental activity”. Under normal circumstances, the rent is paid in money and at regular periods of time, such as the beginning of every month (could also be negotiated to be paid annually instead of monthly). The word has also come to be used as a verb as in to “rent an apartment out”, although in some legal systems the proper legal term would be to “lease an apartment.” Bear that in some jurisdictions the word “lease” has the meaning of paying installments to buy something, where to use it at the same time.

The word also relates to the legal term “rental income” – which term within the area of Contracts Law applies to detail the sum of money, payable by the tenant (or by the management company, when related to renting out premises to third parties) towards the landowner or apartment owner, on the base of concluded temporary rental contract. The amount could be negotiated to be a fixed sum, or non-concrete amount, like percentage of the generated income, which the management company collects from tourists.

In practice, the word participates also in the legal term “rent gouging”, which details a rate of monthly rent, which is extremely high or extremely low and usually being charged illegally; i.e. without any reasonable point.

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