what does it mean for a property to be rented?

Renting is only used by the owner of a property. For example, the owner of a house or flat may want to give possession and use of the property to another person for a certain period of time. The owner then receives a periodic payment in exchange for renting out the property. In simple terms, there is a big difference between an agreed tenancy and a lease of the property.

An agreed tenancy means that a tenant has shown a serious interest in a property and has made a verbal offer to rent it. This initial offer will have been accepted in principle by the landlord or letting agent and, as a sign of the tenant's commitment, the tenant will have been asked to pay a refundable deposit to reserve the property, while the necessary reference checks are carried out. The deposit cannot exceed one week's rent in the case of fixed-term tenancies. When a property is rented, this means that the "dotted i's" have been dotted and the rental contract has been signed.

At this stage, if the tenant does not already live in the property, it is very likely that he or she will do so soon. Let Agreed" is when a prospective tenant has indicated that he or she would like to rent a property and has made a verbal commitment to rent it. However, the process is far from complete. Letting and Letting Agreed sound like they are the same thing, however they are different parts of the process.

Letting agreed comes before "letting" and this only means that there is an agreement in principle between the landlord and the potential tenant, but no contract has been signed and the potential tenant still has to undergo checks. Letting means that everything has been agreed, signed and the tenant is either moving in or already in the property. At this point, the property is normally removed from the websites and the "rental market". If you are the landlord, you will rent a house and you will want a tenant to rent it.

To rent 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 monthly and is also called renting the place. To rent means to be available for rent, but when a property has been rented out, it simply means that it is no longer available for rent. Rented means that the property is no longer on the market.

A tenant has been found and the landlord or letting agency is in the process of signing the documents that initiate the lease. If you are looking to rent a property in an area and you see that many properties have "rent agreed", this indicates that the rent has recently been agreed and that this area is in high demand.