The rent paid according to the terms of a lease is called what?

The rent paid according to the terms of a lease is referred to as contract rent. This term specifically denotes the rent amount that is agreed upon by the landlord and tenant as outlined in the lease agreement. Contract rent reflects the actual, explicit financial obligation between the parties involved in the leasing arrangement.

This term is essential for evaluating the property's income-generating potential, especially in situations where the market rent may vary from what is specified in existing leases. Understanding contract rent is crucial for appraisers as it helps them assess properties accurately, incorporating both current lease terms and market conditions when delivering their evaluations.

Market rent, on the other hand, is the estimated amount property would rent for in the open market under current conditions, which may differ from the contract rent. Base rent generally refers to the minimum amount of rent due before any additional charges or percentages. Negotiated rent implies an amount that has been determined through discussions between the parties, yet it does not specifically define the obligations set forth in a formal lease agreement like contract rent does.