How to rent
My tv says I have to rent a movie on my iPad phone or Apple device. If I rent it on the device will it show up on my tv?
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Yes, that is correct. The title will be linked through the use of the same Apple ID account. A rented movie on any of your devices will show up in the Library of all your devices with the Apple TV app, when signed in with the matching account. You can stream it on one device at a time though.
Also see: Rent movies from the Apple TV app - Apple Support
At the end of the renting process, you would be asked if you want to watch it now (on the device where the renting was done), or watch it later. Choosing the latter would postpone the timer for the renting period. You have 30 days to start watching your rental before it's deleted from your Library. As soon as you start playing your rental, the rental is available for 48 hours before it's deleted from your Library.