Etymology:
Meaning:
Rack rent is a term used in real estate to describe rent that is set at the highest possible market value. It is often used in cases where the landlord is taking advantage of a tenant's desperation for housing or lack of other options.
Origin:
The term "rack rent" originated in the Middle Ages, when landlords would often charge tenants the maximum amount of rent that they could afford. In those days, rents were often paid in kind (e.g., crops, livestock), and landlords would often "rack" or stretch the tenants to their limits in order to get as much rent as possible.
Today, rack rent is still used in some cases, particularly in areas with high demand for housing. However, it is generally considered to be an unfair and unethical practice. Most landlords now set their rents at a level that is fair and affordable for both the tenant and the landlord.
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