1) Check that rentals > settings > inventory is not set to reserve inventory by status
2) Also check that rentals > settings > inventory is configured to reserve inventory with no invoice. If you have it set to reserve inventory only after an invoice is generated, make sure the order is invoiced.
3) Make sure your product is not using overbooking
4) Make sure you have crons setup (Magento 2 - reservations of inventory are handled via the regular Magento 2 cron job)
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