ECONOMICS

Detailed explanation-1: -The meaning is the same: to rent or hire something, you pay money in order to be allowed to use it for a limited amount of time. It is simply a matter of usage. With some nouns you can use one or the other – it doesn’t matter which as both are freely used.

Detailed explanation-2: -Hire is more common in British English and rent is more common in American English. We hired a car from a local car agency and drove across the island. He rented a car for the weekend. If you make a series of payments in order to use something for a long period, you say that you rent it.

Detailed explanation-3: -A car rental, hire car or car hire agency is a company that rents automobiles for short periods of time to the public, generally ranging from a few hours to a few weeks.

Detailed explanation-4: -The tip I used to teach was the verb, hire, should be used for things which are transportable hence, you hire a car, sports equipment, a boat, a bike etc. Rent, on the other hand, is primarily used for property, e.g.; to rent a holiday residence; “office space for rent"; and “We’re living in rented accommodation".