Yes, Mido, you are correct that 'let something out,' especially in British English and in law, means to lease out or rent out.
The definition specifically mentions property and buildings; those are the usual things that are let out. The 'movable items' might be furniture or something like that that goes with the property.
I suppose that if you went to a video store and wanted to rent the whole store, they would let it out to you. Then, the DVDs would be included in that rental.
But, the verb that goes with smaller things is rent. A store might rent you a lawn mower, a carpet cleaner, some tables and chairs for a party, for example, as well as some DVDs.