A rental is a property from which the owner receives payment from the occupant(s), known as tenants, in return for occupying or using the property. Rental properties may be either residential or commercial. The owner of rental property may be allowed to take certain tax deductions such as mortgage interest and depreciation.
Examples include letting out real estate (real property) for housing tenure (where the tenant rents a residence to live in), whole or portions of properties for business, agricultural, institutional, or government use, or other reasons.
When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, often called a landlord (or landlady). The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle or store things all under Real estate law. The tenancy agreement for real estate is often called a lease and usually involves specific property rights in real property.