Definition - Noun
1 a  : a return made by a tenant or occupant of real property to the owner for possession and use thereof
: a sum of money agreed upon between a landlord and tenant for the use of real property
b  in the civil law of Louisiana : a contract by which one party conveys to another to hold as owner a tract of land or other immovable property in perpetuity in exchange for payment of an annual sum or quantity of fruits
c  : the amount paid by a hirer of personal property to the owner for the use thereof
d  : a royalty under a mineral lease
2  : the portion of the income of an economy (as of a nation) attributable to land as a factor of production in addition to capital and labor
: available for use or service in return for payment

Definition - Transitive Verb
1  : to grant the possession and enjoyment of in exchange for rent
2  : to take and hold under an agreement to pay rent
1  : to be for rent
2 a  : to obtain use and possession of a place or property in exchange for rent
b  : to allow the possession and use of property in exchange for rent

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Based on Merriam-Webster's Dictionary of Law ©2001.
Merriam-Webster, Incorporated
Published under license with Merriam-Webster, Incorporated.