Meaning

noun property that is leased or rented out or let

noun a contract granting use or occupation of property during a specified time for a specified payment

noun the period of time during which a contract conveying property to a person is in effect

originFrom Middle English *lesen, from Anglo-Norman *leser, Old French lesser, laisier (“to let, let go”), partly from Latin laxō (“to loose”) and partly from Old High German lāzan (“to let, let go, release”) (German lassen), cognate with Old English lǣtan (“to allow, let go, leave, rent”) whence let.

Etymology from Wiktionary, CC BY-SA 3.0