rack rent

Historically, 'rack rent' referred to exploitative rent charges, but in modern contexts, it denotes the full market value of property rent.

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Definition

(formal, modern)The highest annual rental value a property can fetch in the open market.

The landlord adjusted the lease to reflect the rack rent, based on current market conditions.

(informal, historical)An excessively high rent that is unfair and burdensome to the tenant.

In the 18th century, many tenants suffered under the burden of rack rents imposed by unscrupulous landlords.

Terms that have similar or relatively close meanings to "rack rent":