"Rent" is the wrong word. But so is "buy"
It may not have 100% fidelity, but people understand what renting means instinctively.
A different term, even "licensing", loses that impact (which is precisely why different language is preferred by the contract holders, to hide the true intent).
I posted in a sibling, but I'd do something like "buy" (actually buy, can download, use offline), license (implied forever, but streaming and revokable), and "rent" (streaming, explicit time period). Not set on those phrases, but something like that framework makes more sense that what we have today.
Such transactions would now mean different things to different people. That's not an improvement, and it is unlikely that the federal judiciary would agree that the federal government has the authority to force corporations to make such a change.