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Renting a domain name typically occurs on a monthly basis, where your business pays for the rental of a domain name already owned by another entity. Leasing a domain name operates similarly but with longer rental terms of usually a year or more.
.com commercial business (the most common TLD) . org organizations (typically, nonprofit) .
A business domain name includes both the portion that's unique to your business and the extension (or suffix), such as .com, . net or . org. These suffixes are known as top-level domains (TLDs).
Domain names never have an ownership option. A domain registration is like a piece of land. All of the private sector land titles of the internet are governed by the Internet Corporation for Assigned Named and Numbered (ICANN).
Yes, people lease domain names. However you will need to consider which is the more attractive option for you; leasing or just selling your domain. For an example, you could lease a domain for $1000 USD/yr for 10 years or just sell the domain for $10k the next time someone asks.