Rack-rent denotes two different concepts: 1. * an excessive or extortionate rent, or 2. * the full rent of a property, including both land and improvements if it were subject to an immediate open-market rental review The second definition is equivalent to the economic rent of the land plus interest on capital improvements plus depreciation and maintenance—the normal market rent of a property—and is not inherently excessive or extortionate. Also, this may be different from the rent actually being received.