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English definition of “rack rent”

rack rent

noun [C]     PROPERTY
a rent that is agreed between the owner of a property and the person renting it, rather than being fixed or controlled by law: The terms of the lease may prohibit letting except at a rack rent. It is important to ascertain if any rent free period is to include not only the rack rent but also service charges and/or insurance premiums.
US an unfairly high level of rent
(Definition of rack rent noun from the Cambridge Business English Dictionary © Cambridge University Press)
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