A more thorough explanation:

Let

Let is a legal term used in property law that refers to the act of renting or leasing out real property to another person. It can be done by either a landlord or a tenant. However, this term is no longer commonly used in the US and has been replaced by the term lease.

Example 1: John decided to let his apartment to a new tenant.

Example 2: The landlord agreed to let the commercial space to the business owner.

These examples illustrate the use of the term "let" in property law. In both examples, the property owner is allowing another person to use their property in exchange for payment. This is known as a lease or rental agreement. The term "let" is used to describe the act of renting or leasing out the property.