What Is a Double Net Lease?
In a double net lease the tenant pays rent plus the property taxes and insurance, while the landlord remains responsible for major repairs and maintenance. It is most often used for commercial property.
A double net lease is a type of lease in which the tenant is responsible for paying not only the rent but also the property taxes and insurance. In other words, the tenant is responsible for everything except for major repairs and maintenance. Typically, double net leases are used for commercial properties, such as office buildings or retail space.
The advantage of this type of lease for the landlord is that it provides a predictable and steady income stream. The disadvantage is that the landlord bears more risk if the property taxes or insurance go up.
For tenants, double net leases can provide stability, as they know exactly how much their monthly payments will be. However, they also assume more risk if there are unexpected property taxes or insurance increases.
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