Rack-rent denotes two different concepts: an excessive rent. the full rent of a property, including both land and improvements if it were subject to an immediate open-market rental review.

What is meant by rack rent?

In modern usage, a rack rent is usually a rent that represents the full open market annual value of a holding, often simply called the market rent. Less frequently, a rack rent may also be "the maximum rent permitted by law", or an extortionate rent.

What was rack renting in Ireland?

In Ulster in the 1700s, "... landlords were able to 'auction off' leases to the highest bidders. That practice, known as 'rack renting', forced renters to bid more than they could afford to pay."