Yes. For example, "The landlord is renting the apartment to the couple for three years," or, "I have rented the car to my neighbor for three years." Both are grammatically correct, but are a bit unclear semantically. It would be more clear to say, "The landlord is renting the apartment to the couple for the next three years," or, "I have rented the car to my neighbor for the last three years."

I will rent this to you for three years .