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Rental is the object that you are renting. Rent is a verb (to rent) or a noun (the money you pay to rent something). Rental is a noun that refers to the thing that you rent (apartment, house, car, movie, and so on).
In Lease vs. Rent, a lease is when you borrow something for a long time (over 11 months), such as property or a car. However, renting means you pay to use something for a shorter period,less than 11 months, like a camera, camping gear, etc.
You are correct that "rent" normally refers to the payment and "rental" to the space that is rented. I need to find a new rental / rental unit / apartment to rent / place to rent / place to live. The (monthly) rent for the room is $300.
An arrangement to rent something, or the amount of money that you pay to rent something: Property rental is quite expensive here.
A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.