Meaning of “rack rent” in the English Dictionary

"rack rent" in Business English

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rack rentnoun [ C ]


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” from the Cambridge Business English Dictionary © Cambridge University Press)