A tenant pays the landlord $2,000 on the first of each month for the right to occupy an apartment. That payment is rent. It is the periodic consideration given in exchange for possession and use of property.

Rent amounts are set by agreement and influenced by market conditions, property quality, and location. Leases specify due dates, acceptable payment methods, late fees, and any provisions for increases. Commercial rents may include base rent plus shares of operating expenses.

Timely rent collection is the lifeblood of rental ownership. Nonpayment triggers default remedies that can culminate in eviction. Rent control or stabilization ordinances limit increases in some cities. For tenants, rent is the largest regular housing expense; for landlords, it is the primary return on the asset.

• Periodic payment for use of property
• Set by lease and market conditions
• Due on agreed dates with possible late fees
• Core income stream for rental owners