Hire and rent can mean: pay to use something
Rent – longer periods
- I would like to rent a house.
- We rented a T.V. for many years.
Hire – shorter periods
- She hired a car for her holiday in Greece.
Hire (out) and rent (out) can also mean: sell the use of something.
- My shop rents/hires (out) golf clubs.
In U.S. English, rent is used for both long and short arrangements. Hire usually means to employ someone.
Let is used in U.K. English, as rent (out).
- I have let my spare room to a student.