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Discover LudwigThe phrase "are renting" is correct and usable in written English.
It can be used to describe an ongoing action of leasing or occupying a property or item.
Example: "They are renting a house in the suburbs for the summer."
Alternatives: "are leasing" or "are occupying".
Exact(59)
Increasingly, people are renting or co-renting office space.
Suddenly people are renting again.
"You are renting that mortgage," he added.
Few are renting because they want to.
Some people are renting RVs; others are offering apartment swaps.
Even utility companies themselves are renting or purchasing standby generators.
Most of his friends are renting their first apartments.
"Farmers are renting land in Mexico," Ms. Feinstein said.
For now, they are renting a home in Costa Rica.
"More than half of them are renting rooms," he said.
But what about the people who are renting?
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com