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What is Rack-Renting?
Rack-renting is a term used to describe the practice of landlords charging excessive rents for properties. It is a form of exploitation and is seen as unethical by many.
Rack-renting is based on the idea of a landlord charging a tenant more than the market value of a property. This is usually done to take advantage of a tenant’s lack of knowledge about the market value of the property. The landlord may also use the tenant’s financial situation to their advantage, charging a higher rent than what the tenant can actually afford.
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Rack-renting can be seen as a form of economic exploitation. It is often seen as a way for landlords to make a profit at the expense of tenants. It can also lead to tenants being unable to pay their rent and facing eviction.
Rack-renting is illegal in many countries, including the United States. Landlords who are found to be engaging in rack-renting can face civil and criminal penalties.
Rack-renting is an unethical practice that can have serious consequences for tenants. It is important for tenants to be aware of their rights and the market value of properties so that they can protect themselves from being taken advantage of.