This is the 907th most frequent Chinese word.
租
"租" means "to rent" or "to lease."
In this sentence, "租" is used as part of an attributive clause, describing the house as the one under a rental agreement.
这房子是我们租的。
This house is rented by us.
Here, "租" is part of a compound word "出租车" (taxi), where "出租" means to lease out.
出租车司机正在等我们。
The taxi driver is waiting for us.
Here, "租" means to rent or to hire, and it is used as a verb to describe the action of acquiring something temporarily by paying for it.