Rented Property is a term used to describe a property that is leased or rented out to a tenant. A LEASEHOLD is a type of rental agreement in which the tenant has exclusive rights to use the property for a specified period of time, usually in exchange for a fee. The tenant is responsible for maintaining the property and paying rent on time. The landlord retains ownership of the property and can terminate the lease if the tenant fails to comply with the terms of the agreement.