Rent-free period is a term used in real estate that refers to the period when a tenant is exempt from paying rent.
The rent-free period is usually defined in the lease agreement. Rent-free periods are often provided as a benefit to tenants to close a lease agreement or as support for new businesses. Rent-free periods may also be provided if the tenant needs to make improvements or renovations to the space before using it.
The duration of the rent-free period can vary, in some cases, it can be a few months, in others, it can be several years. The conditions of the rent-free period apply only to the rent for office and storage spaces and in some cases to parking spaces as well. However, operational costs or services during this period are usually fully covered according to the valid lease agreement.
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