Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately


Synonyms:rental payment
Filed Under: financial-banking, mortgages, real-estate
Tags: banking, mortgage, realty

Definition of rent

1. An agreement where one party makes payments to another party in exchange for the right to use a good, service or piece of property for a set period of time. The payments made in a rental agreement are referred to as "rent."

Related Terms and Acronyms:

  • landlord   One who rents or leases his or her property to another person or a business.
  • lease (lse)   A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
  • rent loss insurance   Hazard insurance that pays for a loss in rental value or rental income if damage causes the property to become unfit for habitation.
  • rent-to-own (RTO)   An agreement to purchase an asset after a series of rental payments.
  • rental agreement (RA)   A document that states the terms and conditions for tenancy of a dwelling.
  • rental property (RP)   Property that is occupied by rent-paying tenants and not the owner.
  • step down lease   A lease providing for decreases in rental payment at specified dates.
  • step up lease   A lease providing for increases in rental payment at specified dates.
  • sublet   An arrangement where a tenant leases property to a subtenant.
  • tenant   One who rents property.

More Related Terms and Acronyms

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