1. To greatly increase the cost or scarcity of something. Because the city is so densely populated, landlords are able to put rented accommodation at a premium. They designed the city around pedestrians, cyclists, and public transportation, so parking spaces are put at a premium, unfortunately.

2. To place an especially high value on something; to consider something to be more important or valuable than is usual. We always put good customer service support at a premium, so never hesitate to contact us if you have a problem! With three young children, a shop where I can find everything I need in one stop is put at a premium in my books.