La palabra del día: Arrendamiento

Masculine noun. Contract by virtue of which the owner of a thing, movable or immovable, grants another the use and enjoyment of it for a specified time, at a certain price or service to be satisfied by the recipient, in a nutshell: lease.
We tend to make a difference and call arrendamiento just a lease of a rural property and locación when it is an urban property. Why is this important? because the minimum term for an arrendamiento rural is usually much longer than for a locación urbana. How do you know when a property is rural? It is rural (or rústica) if the sewers and the public services like street lighting or garbage collection do not arrive to it. Of course, this may vary according to the country.
The lessor is called arrendador and locador and the lessee or tenant is called arrendatario and locatario. A way to remember who is who: Otario siempre paga. dc