Renting is the temporary use of someone else's goods or property for monetary compensation. The reasons that a person or business may choose to rent over purchasing vary greatly. These can include tax reasons, financial reasons, or legal reasons.
A rental agreement is a verbal or written contract entered into by two or more parties to establish fair use of the goods or property for a specified length of time. A rental agreement is a legally binding contract which is used to ensure that all parties involved have legal protection should the agreement be broken.
People and businesses rent property in order to live or work. A person who does not have the financial capability to purchase a house can rent to ensure that they have a place to live. Businesses might rent office space to handle their business dealings, or to have a good location to establish a shop.
Furniture can be rented if it is needed temporarily for parties or other occasions. This furniture is used and returned when no longer needed. People may choose to upgrade the furniture in their home by utilizing a "rent to own" store. They will be paying more than the market value for the furniture, but may be able to get higher quality furnishings for the home.
Vacation and business trips often include car rental. Cars can be rented for a short time (days, weeks, or more) until the trip is over. This means that people can fly to their destination, and not have to worry about how they will get from place to place. People who rent vehicles are not at the mercy of public transportation in an area that they are not familiar with.
Renting can be a convenience or a necessity. People can get what they need or want without having to pay the full value for the item. They lack to security of ownership, but often don't have to deal with the cost of maintaining or repairing the property or object being rented.