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Meaning of “rack rent” in the English Dictionary

"rack rent" in Business English

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rack rentnoun [C]

uk   us   PROPERTY
a ​rent that is ​agreed between the ​owner of a ​property and the ​personrenting it, rather than being ​fixed or ​controlled by ​law: The ​terms of the ​lease may ​prohibitletting except at a rack ​rent. It is important to ascertain if any ​rentfreeperiod is to ​include not only the rack ​rent but also ​servicecharges and/or ​insurancepremiums.
US an ​unfairly high ​level of ​rent
(Definition of rack rent from the Cambridge Business English Dictionary © Cambridge University Press)
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“rack rent” in Business English

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