What does Renzo mean in Italian?

Could you please explain to me what the word "Renzo" signifies in the Italian language? I'm quite curious about its etymology and possible meanings. Could you elaborate on whether it's a common name, a place name, or perhaps holds some deeper cultural significance? Additionally, I'm also interested in knowing if there are any particular associations or connotations attached to this word in Italian culture. Would you mind shedding some light on this matter for me? Thank you in advance for your assistance.