iznajmljivati

1. (to someone) to rent out; to let
   Iznajmljujemo stan studentima već pet godina. — We've been renting our flat out to students for five years.
   Ova agencija iznajmljuje automobile turistima. — This agency rents cars out to tourists.
2. (from someone) to rent; to hire
   Leti uvek iznajmljujemo auto na moru. — In summer we always rent a car at the seaside.

For letting out flats, «izdavati stan» is more common.