Quasi rent is the earning of capital equipment such as machinery, buildings, etc., which are inelastic in supply, in the short run. According to Marshall, the quasi rent is only a temporary surplus, which is enjoyed by the owner of the capital equipment in the short run. This is due to the increase in its demand and it will disappear in the long run, if the supply of the capital equipment is increased in response to the increased demand. The quasi rent is also defined as the excess of total revenue earned in the short run over and above the total variable costs. Thus, Quasi Rent = Total Revenue Earned minus Total Variable Costs.

Ricardian rent is a payment made for the use of land whereas quasi-rent is a payment for man-made factors such as buildings, machinery, etc. Ricardian rent exists both in the short-run and long-run because the supply of land is fixed in the long run. But quasi rent is only a temporary earning due to increased demand.