what does "let by" mean when renting?

Another term you may come across is "let by", which means the same as "let agreed". It is another way of letting interested potential tenants know that terms have been agreed with a tenant, but that there is no formal contract. If you are a 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. When a property is rented, it means that the "dotted i's" have been dotted and the rental contract has been signed. At this stage, if the tenant is not already living in the property, it is very likely that he or she will do so soon.

The term "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 it 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 demonstration 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 you see the term "rent".

The property has been let to a tenant and all contracts etc. have been completed. All tenants and landlords expect to hear the all-important "let agreed", which means that an agreement in principle has been reached to let the property. Once the rent has been agreed and the security deposit (which we will discuss later) has been paid, the property is taken off the rental market.

The amount paid to secure the property after a "tenancy" has been agreed. The security deposit is usually one week's rent and is deducted from the first month's rent.