The action of allowing someone to rent or lease property, or the rental arrangement itself.
From Old English lætan meaning 'to allow, permit, leave'. The commercial rental sense developed in Middle English as property ownership became more formalized and urban centers grew.
The practice of 'letting' property created one of humanity's most enduring economic relationships - the landlord-tenant dynamic that has shaped urban development for over a thousand years. Interestingly, the word 'let' meaning 'to allow' and 'let' meaning 'to rent out' are the same word, both involving the concept of permitting someone else to use something.
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