Let vs Rent
You must have seen signboards saying property on rent or to let. Both these phrases are common and express the same fact of a property being available on rent. Both to let and on rent mean the same arrangement where the owner allows use of the property on a temporary basis to the tenant in exchange for money. There are people who feel that there are differences between let and rent and remain confused by the two expressions. This article attempts to take a closer look at let and rent to find out if there indeed are any differences in meaning between the two.
Let and rent are words that are used from the perspective of both the landowners as well as those who seek places to live. If you are new in a place, you would obviously ask help from property brokers or real estate agents to get you an accommodation on rent. It is said that you have rented a house for your accommodation. On the other hand, you let your house to a tenant if you are the owner of the property. If there is a property that is being let out, it means that it is available on rent.
If you are the property owner, you will let a house and want a tenant to rent it. Let is a verb that means to allow someone to make use of the property or to live in it temporarily in exchange for a payment. This payment is on a monthly basis and also called the rent of the place. To let means available to rent but when a property has been let, it simply means that it is no longer available on rent.
What is the difference between Let and Rent?
• There is no difference between let and rent and, if at all there is, it is purely semantics.
• You put up a sign of to let when you own a property and are looking for a tenant.
• It is the owner who lets his house, whereas it is the tenant who rents the house.
• Buy to let is an example of owners buying a property to earn regular income from the property.