* * *
rack rent UK US 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
Financial and business terms. 2012.