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Renting, also known as hiring [1] or letting, [2] is an agreement where a payment is made for the use of a good, service or property owned by another over a fixed period of time. To maintain such an agreement, a rental agreement (or lease) is signed to establish the roles and expectations of both the tenant and landlord.
Lease-by-room, also known as individual leasing, is an arrangement whereby a tenant and their roommates pay rent for their own rooms instead of each tenant being equally liable for the rent for the whole apartment. Typically lease-by-room leases are multi-room apartments or townhomes with shared bathrooms and living rooms.
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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In Toronto, rooming houses were common in the 1930s, during the Great Depression, because "wealthy homeowners" who had guest houses would rent out empty rooms to be able to keep their homes. After WWII, the city ensured that rooming house spaces were available for returning soldiers. [ 9 ]
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