A rental unit refers to a property that is being leased or rented out by its owner. This can be an apartment, house, condominium, townhouse, or any other type of dwelling place that is available for rent. The term usually implies a short-term agreement, typically lasting from one month to several years depending on the terms specified in the lease contract. A rental unit can also refer to a commercial space such as an office, retail storefront, or warehouse that is being leased by a business for their operations.