The amount regularly paid or payable by a tenant (lessee) to a property owner (landlord/ lessor) for the “temporary” use of the property over the lease term. For example, the tenant of an office pays monthly rent to a landlord for the right to use it as per the contract. Generally speaking, rent is a payment is made for the temporary use of an asset, service or property by the user (occupant, beneficiary, etc.) to its owner or provider.
The type of lease determines the amount of rent- for example, a gross lease involves the payment of a flat rental amount by the tenant while the landlord covers all property charges regularly incurred for ownership. A rent may also be calculated on a net basis (i.e., a reserve rent): it does not include any additional costs that may be incurred by a tenant (such as tax obligations, withholding taxes, etc.) over the lease term.
