rack rent
C2CEFR level
90/100Rarity: very rare
TechnicalRegister
Law noun
A rent equal to or close to the full annual value of the property.
Having paid no premium to offset the term, the tenant was liable for a rack rent throughout.
Business noun
The full open-market rent obtainable for a property, as opposed to a nominal or ground rent.
Once refurbished and let at a rack rent, the tired parade of shops was worth double.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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