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The phrase 'the rental' is correct and can be used in written English.
It is used to refer to a rental agreement or something that was rented. For example, "I made the rental for the apartment last week."
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Exact(59)
The rental price?
The rental market looks good.
The rental car business?
"I'm from the rental car agency.
The rental rate was in the $50s.
Back then the rental market was soft.
Mr. Young found the rental on Craigslist.
They then returned the rental car.
"The rental market is really hot.
The rental income made the equation work.
The rental market is teeny.
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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