Rent is the pecuniary return to the landlord from a tenancy arrangement. The tenant is bound by the tenancy agreement to pay rent to the landlord for the use of the subject property. As surprising as it may seem, rent is not an essential term of a valid tenancy agreement.
Rent, in most cases, is in monetary term, but it may also consist of goods or services if so agreed by the parties.
The amount of rent payable is determined by the terms of the tenancy agreement. The rent must be certain, or can be calculated with certainty; otherwise it may be void for uncertainty.