Legal Definitions - rental

Rental primarily refers to the payment made for the temporary use of property, or the income generated from allowing someone else to use property for a period. It can also refer to a document or record detailing these payments.

• Example 1: Residential Lease Payment

  Sarah pays a monthly rental of $1,500 for her apartment. This payment covers her use of the living space for that month, as outlined in her lease agreement with the landlord.

  This illustrates "rental" as the regular payment made by a tenant to a landlord for the temporary use of a residential property.

• Example 2: Commercial Property Income

  A real estate company owns a shopping center and collects significant monthly rental income from the various retail businesses operating there. This income is a crucial part of their business model.

  Here, "rental" refers to the money the property owner receives from businesses for using commercial space, representing the income generated from their leased properties.

• Example 3: Equipment Lease Statement

  After leasing a specialized piece of construction equipment for six months, the construction company received a detailed statement outlining all the monthly rental charges, maintenance fees, and total payments made during the lease term.

  This example demonstrates "rental" referring to the charges for using equipment and also to the record or statement that itemizes these payments over a period.