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If the life of the leasehold improvement extends past the life of the initial term of the lease and into an option period, normally that option period must be considered part of the life of the lease. [7] If the lessor gives the lessee a cash allowance for improvements, this is treated as a reduction of rent and amortized over the lease term.
An example of a lowered payment is a month of free rent offered to a tenant as an inducement to renew a lease, or an allowance that can be used to offset the costs of a tenant's improvements to the unit, like new paint. NER contrasts with the "face rent", the agreed rental rate for the space.
In commercial real estate, a tenant inducement (TI) is some sort of consideration given by a landlord in order to attract a new tenant or have an existing one renew their lease. Depending on the contents, the concept may be known as a concession or rent abatement, instead of inducement. There are several different forms of inducements.
A thought-provoking nonprecedential opinion on the issue of election of remedies pursuant to a commercial lease was recently decided by the Superior Court.
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In one building in Cambridge, the rent control board set an allowance in 1979 of 1,038 gallons of heating oil a year. [6] By 1983, when the rent control board allowed an increase in rent to account for more oil, tenants were burning 4,730 gallons a year. [ 6 ]
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