Renting is defined as an agreement where a payment is made for the temporary use of a good, service or property owned by someone else. Rental properties, whether homes or office space, are properties which are owned by a company but used by someone else. For example, a rental home is usually owned by an investor or real estate company. The people who inhabit the property pay a monthly fee to live in the home. Typically, people who rent will sign a 12-month lease to remain in the property for that amount of time. At the end of the lease, the occupants have the option to renew the lease or find another property to live. Sometimes investors or landlords will offer different length terms, like 6 months, 18 months or 24 months, but standard leases are typically 12 months. Occasionally a lease will also state that when the lease expires at the end of the contracted term, that occupants may remain and pay on a month-to-month basis. Most lessors require 30 to 60 days notice of vacating the property.
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