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Platform as a Service (PaaS) primarily refers to a cloud computing model that allows developers to build, deploy, and manage applications without the complexity of maintaining the underlying infrastructure. The essence of PaaS is that it provides a platform, which includes hardware and software resources, available over the Internet. This allows developers to focus on writing code and developing applications rather than managing servers, storage, or networking.

This clarification highlights why the chosen answer accurately reflects the nature of PaaS, as it encompasses the rental of both hardware and software resources needed for application development and deployment in a streamlined manner. Furthermore, PaaS services often include development tools, database management systems, middleware, and business analytics, all accessible through a web-based interface.

Other options refer to concepts that do not align with the definition of PaaS. Renting physical office space is unrelated to cloud computing, while focusing solely on software applications does not capture the infrastructure aspect of PaaS. Lastly, delivering local network solutions doesn’t encompass the broad and scalable resources typically associated with cloud-based PaaS offerings.