First off I haven't seen the movie, but I've seen the stage show and have a mother (who is co-writing this review) who has. The story and music, which, as I am being told right now, don't change much at all, are masterworks and it is truly a shame that the book (term for script in a musical) writer-composer-lyricist couldn't be here to write another musical like this. The actors are mostly the original broadway cast, with the exception of the Mimi and the Joanne. It should be noted that the original stage show premiered in 1996 (I think: our memories really suck right now) and the movie was released in 2005. Pretty much everybody (except the aforementioned roles) is visibly 10 years older than the 20 somethings they should look like. However, Rent fans who weren't born in time to see the original cast or only had the money for the cast recording and/or to see it on tour, this is your chance, although most of them have mellowed down a bit.
As for the kids, forget about it. Well, for the young kids at least. Although the song "Contact" (a seemingly incomplete song in which you get a glimpse into the charaters' sex lives) was cut, there's still prevalent sexual content. F--k is said at least twice and other curse words are more frequent. There's a bit of drinking, just some champagne on New Year's and "Wine and Beer" in the song "La Vi Boheme," but there is a lot of drug use, especially heroine. One character gave it up and another is a full fledged junkie. So, yeah, not for family movie night. Maybe for a very enjoyable night with your teenager.