A headline rent is the rent that is paid under a lease, after the end of any rent-free periods or any
period of reduced rent. It creates an artificially inflated rent by ignoring the rent-free period, period
of reduced rent or any other concessions the landlord may have given to the tenant in return for a
higher headline rate. Headline rent is most commonly associated with open market lettings, but
increasingly at lease renewal and lease re-gearing / restructuring. Headline rent usually also forms
the benchmark for any “upward only” rent review in the lease.