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To agree to allow someone to use something or occupy some place temporarily for payment or a series of payments. A noun or pronoun can be used between "rent" and "out." After business started declining, we began renting out our warehouses to help supplement our revenue stream. We also offer to rent the equipment out on daily, monthly, or yearly rates.
To grant temporary occupancy or use of some property or some service to someone in exchange for regular payments: I rented out the extra room over the garage to a college student. My parents rented our cabin out to one of my cousins.