Renting involves the paying of money to use someone else’s property such as a building or other assets and items for a particular period of time. The process of renting a property usually involves the signing of agreements that outline the conditions that both the tenant and the landlord will adhere to in regards to the rental property. This is important so that there is a clear understanding of the responsibilities that each of them have to adhere to. The owner of this property for example a building structure is always referred to as the lessor and the individual who wants to enjoy the services of the rented property is known as the lessee or renter.
Rental services are more reliable and are of help to those who are not able to buy their own property because when you rent you only pay for the duration of the rental period, compared to when you want to buy a property, for example, when buying a house you are required to pay in full or in installments which in the long run will be much more expensive.
Another benefit of rental properties is when an individual wants to use the rental property for a very short span of time and is not interested in keeping the property for ever after he is finished with the business that he wanted to perform in that particular property or building in that time. For example a family living in abroad might decide to go and live in a specific country and instead of living in a restaurant or a hotel, they decide to go and look for a place they will feel ‘homely’ thus they can cook for themselves, invite many friends as they can but all in all whatever they are using does not belong to them but when they go back home the property can be rented to another person.
Rental properties can either be paid for monthly or annually depending on the agreement between the landlord and the tenant and is always included in the lease agreement and this is one of the factors that a tenant considers before moving in. Ultimately, rental properties are a good choice for individuals who cannot afford to own or purchase a property but would like to live or use a property while paying a lesser amount while enjoying the benefits that come with the property as well.