A triple net lease is a lease where the tenant pays rent, but also pays property taxes, property insurance, and property maintenance. A triple net lease is popular with commercial and industrial rentals. A triple net lease is rarely used in residential rentals.
Tenants like a triple net lease because they have great control over their leased space, without having to actually own the building. Landlords like triple net leases because they have far less responsibilities so the property can become more of a passive income stream. However, landlords also have risks, because the tenant could let the building fall into disrepair, or even actually damage the building to get insurance money!
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