Can you rent space without being a premium member?

Am i able to rent space without being a premium member?

You can rent from someone else who owns land, regardless of your own membership level. Whatever payment arrangements you make are between you and the landlord.

If you want to own land yourself, you have to go premium.

Absolutely! I've rented land in many sims, from a tiny L$50 a week 'apartment' that only allowed me 20 prims for furnishings, and which I shared with a roommate, to 4,000 M2 that I now 'own' on a private island, where one of my current homes is. I am a Basic member, have never been Premium, and likely never will be.

I will admit that being a Premium member and owning your land directly does give you a little less uncertainty, as you are dealing directly with Linden Labs for your land, and not with a landlord. Some individuals certainly do rent land, but are terrible to have as your landlord. Yet there are also some spectacular landlords out there who will give you just as good a deal in most cases as any mainland purchase ever would. Maybe even better.

Technically, all land 'ownership' in SL is rental. Rather like 'buying' a condominium. If you fail to pay the monthly maintenance, you can lose the land. Premium members who own land on the mainland must also remain Premium and pay for sufficient Tier to cover the land they want to hold. The main difference is whether Linden Labs or some other Resident is your landlord.