Solution:
1. Create a Storable Product that can be Rented (this will be the actual physical product that you're renting out and tracking.)

2. Create a Service Product that is Recurring. This is going to be the Rental Subscription product that will generate recurring invoices for each period. Then input the Time-based pricing information.


Note: In Odoo V15 you have to select the Subscription Template and set the Sales Price.


3. Create a new Rental Order and add the Rented Physical Product (with zero Unit Price) and the Rental Subscription product. Choose the correct Recurrence Period.

4. When you Confirm the Rental Order it will create a Subscription that will create recurring Invoices for each period. You will also be able to track the rented physical product.

Note: There's no Recurrence field in Odoo V15, it will be dependent on the Subscription Template used on the Rental Subscription Product.

Thank you