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Simple English definitions for legal terms
ceiling rent
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A quick definition of ceiling rent:
Ceiling rent: The highest amount of money that can be charged for rent under a law that controls how much landlords can charge. It's like a limit on how much money someone can ask for when they let someone else use their property.
A more thorough explanation:
Definition: The maximum amount of rent that can be charged under a rent-control regulation.
Example: In a city with rent control laws, the government may set a ceiling rent that landlords cannot exceed when renting out their properties. For example, if the ceiling rent is $1,000 per month, a landlord cannot charge more than that amount for rent.
This example illustrates how ceiling rent is a limit on the amount of rent that can be charged in a particular area. It is designed to protect tenants from being charged exorbitant rents by landlords who may take advantage of the high demand for housing in certain areas.