69:—the normal market rent of a property—and is not inherently excessive. Also, this may be different from the rent actually being received. For short term lettings - e.g. rooms in hotels or houses let for holidays, the "rack rent" is the maximum potential rent assuming full occupancy (less downtime for repairs).
88:
When there is no accessible rent-free land, any improvements in the condition of society, be they in the form of civilizational progress or local improvement, are recaptured in the form of higher land values, and the leftover wages after rent is paid will tend towards subsistence, as described by
80:. The two conceptions of rack-rent both apply when excessive rent is obtained by threat of eviction resulting in uncompensated dispossession of improvements the tenant himself has made. I.e., by charging rack-rent, the
84:
unjustly uses his power over the land to effectively confiscate wages, in addition to merely charging the tenant interest and depreciation on the capital improvements which the landlord himself has made to the land.
100:
In Ulster in the 1700s, "... landlords were able to 'auction off' leases to the highest bidders. That practice, known as 'rack renting', forced renters to bid more than they could afford to pay."
97:. Such rents can be described as rack-rent, and this sense of the term is economically meaningful, and distinct from other forms of rent.
72:
Historically, rack-rent has often been a term of protest used to denote an unjustly excessive rent (the word "rack" evoking the medieval
164:
Revised
Edition, North Carolina Dept. of Cultural Resources, Office of Archives and History, Raleigh, North Carolina, circa 2013, p. 17.
66:
45:, including both land and improvements as if it were subject to an immediate open-market rental review.
58:
192:
132:
110:
73:
186:
90:
77:
50:
62:
94:
177:
81:
17:
54:
42:
35:
147:
Michael Edward Turner, John
Vincent Beckett, and Bethanie Afton,
134:
8:
49:The second definition is equivalent to the
160:H. Tyler Blethen and Curtis W. Wood Jr.,
149:Agricultural rent in England, 1690-1914
123:
7:
151:(Cambridge University Press, 2004).
25:
30:denotes two different concepts:
1:
209:
131:Kenneth C. Wenzer (2009).
76:), usually one paid by a
162:From Ulster to Carolina,
178:Dictionary definition
41:the full rent of a
61:improvements plus
53:of the land plus
16:(Redirected from
200:
165:
158:
152:
145:
139:
138:
128:
21:
208:
207:
203:
202:
201:
199:
198:
197:
183:
182:
174:
169:
168:
159:
155:
146:
142:
130:
129:
125:
120:
111:Castle Rackrent
106:
23:
22:
15:
12:
11:
5:
206:
204:
196:
195:
185:
184:
181:
180:
173:
172:External links
170:
167:
166:
153:
140:
122:
121:
119:
116:
115:
114:
105:
102:
74:torture device
47:
46:
39:
24:
14:
13:
10:
9:
6:
4:
3:
2:
205:
194:
191:
190:
188:
179:
176:
175:
171:
163:
157:
154:
150:
144:
141:
136:
135:
127:
124:
117:
113:
112:
108:
107:
103:
101:
98:
96:
92:
91:David Ricardo
86:
83:
79:
78:tenant farmer
75:
70:
68:
64:
60:
56:
52:
51:economic rent
44:
40:
37:
34:an excessive
33:
32:
31:
29:
19:
161:
156:
148:
143:
137:. p. 7.
133:
126:
109:
99:
87:
71:
63:depreciation
48:
27:
26:
95:Law of Rent
67:maintenance
18:Rackrenting
118:References
82:landowner
28:Rack-rent
187:Category
104:See also
55:interest
43:property
193:Renting
59:capital
65:and
36:rent
93:'s
57:on
189::
38:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.