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Fully-Serviced Lease
A fully-service lease is a lease agreement in which most or all of the operating expenses of a property are included in the rent to be paid by the tenant. Some of the expenses may include property taxes and insurance, utilities, trash pickup or other expenses directly related to the property. In a fully-service lease, the tenant usually pays the landlord a specific monthly rent amount as agreed upon in the lease agreement. The amount that the tenant pays towards the rent will also include other agreed-upon costs associated with the property. The landlord then deducts the cost of the rent and applies the remainder amount towards the other expenses. A fully-service lease should not be confused with a full service, or gross, lease, in which the tenant pays a fixed amount for monthly rent and all of the other property-related expenses are paid by the landlord. To compare the difference, a full service lease might require the tenant to pay a flat rate of $800 per month for rent. In addition to the rent, the tenant is also required to set up accounts in his or her own name for utilities and renter's insurance. The landlord pays for property taxes, maintenance, property insurance and other operating expenses. In a fully-service lease, however, the tenant may be required to pay $1,200 per month for rent for the same unit. This amount would include the monthly rent of $800 plus property insurance, utilities, maintenance and other operating expenses.