Renters are individuals or families who occupy a property owned by someone else, known as a landlord. They pay a monthly fee, called rent, in exchange for the right to live in or use the property. Renters can be found in various types of housing, including apartments, houses, and condominiums. Renting offers flexibility, as it allows people to move more easily compared to owning a home. However, renters typically do not build equity in the property and may have restrictions on modifications. The rental agreement outlines the terms of the tenancy, including duration and responsibilities for maintenance.