The Collaborative International Dictionary of English v.0.48:

Rent \Rent\, v. t. [imp. & p. p. Rented; p. pr. & vb. n.
   Renting.] [F. renter. See Rent, n.]
   1. To grant the possession and enjoyment of, for a rent; to
      lease; as, the owwner of an estate or house rents it.
      [1913 Webster]

   2. To take and hold under an agreement to pay rent; as, the
      tennant rents an estate of the owner.
      [1913 Webster]

WordNet (r) 3.0 (2006):

renting
    n 1: the act of paying for the use of something (as an apartment
         or house or car) [syn: rental, renting]