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Simple English definitions for legal terms
rental
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A quick definition of rental:
Rental refers to the amount of money received in exchange for the use of property or equipment. It can also refer to the income received from renting out property or equipment. A record of payments received from rent is also called rental. In some cases, rental payments may increase gradually over time, or a lessee may make periodic payments to postpone exploration during the primary lease term in the oil and gas industry. The net rental is the amount remaining after deducting all expenses from the gross rental income.
A more thorough explanation:
Definition: Rental refers to the amount of money received as payment for the use of property or equipment. It can also refer to the income received from rent or a record of payments received from rent.
Examples:
- A landlord charges a monthly rental fee of $1000 for an apartment.
- A car rental company charges $50 per day to rent a car.
- A company rents out construction equipment for $500 per week.
These examples illustrate how rental refers to the amount of money paid for the use of property or equipment.