A tenant’s regular payment to a landlord for the use of property or land. The types include, but are not limited to:
- Contract: Payment for the use of property established in the process of bargaining. The term is used to establish the fact that the actual rent paid, or contract rent, may differ from economic rent, although the former always tends to approximate the latter.
- Economic: The reasonable rental expectancy if the property were available for lease.
- Ground: The net rent paid for the right of use and occupancy of a parcel of unimproved land: or that portion of the total rental paid that is considered to represent a return upon the land only.
- Gross Rent: The rent reserved by a letting plus any payment to or on behalf of the landlord for which the tenant is made responsible under the letting agreement, irrespective of the purpose for which the payment is subsequently applied, excluding payments made as security deposits.