New York City Assessor – Civil Service Practice Exam

The term "contract rent" refers specifically to the rent that is established and agreed upon in a lease agreement between the landlord and tenant. This amount is the actual rent that the tenant is obligated to pay under the terms of the contract or lease. It is legally binding and dictates the financial obligations of the tenant for a specified period.

Understanding this term is important because it is distinct from other concepts like market rent, which reflects what similar properties could rent for in the current market conditions, or maximum allowable rents, which are set by regulatory bodies to protect tenants from excessive charges. The contract rent is therefore a concrete figure that both parties have agreed to, differentiating it from fluctuating market influences or legal limits.