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Simple English definitions for legal terms
rack rent
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A quick definition of rack rent:
Term: RACK RENT
Definition: Rack rent is when someone charges a very high amount of rent for a property, almost as much as the property is worth in a year. This kind of rent is not fair and can be too expensive for people to afford. Someone who charges rack rent is called a rack-renter.
A more thorough explanation:
Definition: Rent equal to or nearly equal to the full annual value of the property; excessively or unreasonably high rent.
Example: If a small apartment is worth $1,000 per month, but the landlord charges $1,500 per month, that would be considered rack rent.
Explanation: Rack rent is when a landlord charges an unreasonable amount of rent for a property. In the example given, the landlord is charging $500 more than the property is worth, which is an example of rack rent.