Property Management Concepts

noun a very high rent that is set at the full market value without any reduction or subsidy

• The landlord was accused of charging rack rent for the small apartment.
• The landlord is totally ripping us off with that rack rent!
• I can't believe the rack rent on this place, it's highway robbery!
• Paying such high rack rent feels like getting robbed every month.

noun a form of ownership in which the owner does not reside on or personally manage the property or business

• Absentee ownership refers to the situation where an individual or entity owns a property but does not reside on or actively manage it.
• Absentee ownership means owning a property but not being there to take care of it.
• Having absentee ownership of a place is like being a ghost landlord.
• In a way, absentee ownership can make you feel disconnected from your own property.