a: a usually fixed periodical return made by a tenant or occupant of property to the owner for the possession and use thereof; especially: an agreed sum paid at fixed intervals by a tenant to the landlord
b: the amount paid by a hirer of personal property to the owner for the use thereof
a: the portion of the income of an economy (as of a nation) attributable to land as a factor of production in addition to capital and labor
English dialect rent to rend, from Middle English, alteration of renden — more at rend
First Known Use: 1535
In common usage, payment made in return for the right to use property belonging to another. In classical economics, rent was the income gained from cultivated or improved land after the deduction of all production costs. In modern economic usage, rent is the difference between the total return to a factor of production (land, labour, capital) and its supply price, the minimum amount necessary to attain its services. Rent plus opportunity cost make up the total income paid to a productive resource. Efforts made by a resource owner to obtain monopoly profit is considered rent-seeking behaviour.