In some areas it is perfectly legal to rent a basement. However, make sure the basement is suitable to be used as living space, and above all, is in compliance with local building, house and fire code, as well as with city ordinances.
Most codes demand that basements that are used as a bedroom have an egress window, or two safe ways to exit the basement, in case of emergency.
Consult the housing authorities to see what kind of features are required. Do not rent a basement that is not 100% legal and up to code. If caught renting an illegal basement, you may face fines that will amount to much more than you would have paid to make the basement up to code.
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One or more floor of a building that are completely below the ground floor is basement. A floor of a building that is half below ground, rather than entirely such as a basement is semi basement.
The word rented is a verb. It is the past tense of the verb rent.
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Any levels of the building below ground level are normally considered basement. In larger buildings they are sometimes referred to as sub-levels.