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ships and boats, in which case rental is known as chartering, and the rent is known as hire or freight (depending on the type of charter) aircraft, in which case rental is known as chartering, or leasing if the rental is longer term; specialized tools, such as a chainsaw, laptop, IT equipment or something more substantial, such as a forklift.
A rental agreement may provide for the renter or lessee to become the owner of the asset at the end of the rental period, usually at the renter's option on payment of a nominal fee. Such arrangements may be known as Rent-to-own, a term used in the United States for rental of furniture or appliances. The term is also used in the US for real ...
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The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, storey of building or mine).A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease, often in order to secure a low rent, in long leases termed a ground rent.
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