rack rentnoun [ C ]
ukusPROPERTYa 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