Definition of peppercorn rent in English:

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peppercorn rent

noun

British
A very low or nominal rent: the houses were let for a peppercorn rent
More example sentences
  • Payment of the peppercorn rent has been an annual ceremony ever since Henry Whistler, a London merchant, leased the Ouse-side structure from the city in 1677 to use as a water tower supplying York.
  • Now they want to privatise it for a peppercorn rent of one pound.
  • The city council eventually bought the site and agreed to rent it out on a peppercorn rent for art and culture.

Origin

From the (formerly common) practice of stipulating the payment of a peppercorn as a nominal rent.

For editors and proofreaders

Line breaks: pepper|corn rent

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