You first need to decide what PayPal product you intend to use:
https://www.x.com/developers/paypal/products/recurring-payments
On that page, you can then preuse thru the various products and their features.
If you don't need anything fancy, go with Payments Standard and do a monthly subscription. This will require you to have a Premier or Business account and your renters will also be required to have a PayPal Account (Personal at a mininum). Also note that you will be charged 2.9% plus $.30 for each transaction.
Basic subscribe button infoL
https://www.paypal.com/cgi-bin/webscr?cmd=_subscr-intro-outside
