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Meaning of key money

key' mon"ey

Pronunciation: [key]
  1. advance rent or security required of a new tenant and given in exchange for the key to the house or apartment.
  2. an amount of money paid, often secretly, to a landlord, superintendent, or current tenant by a person desiring future tenancy.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.