What does “Net Lease” mean? What about “Triple Net Lease?”

A net lease requires the tenants to pay some or all of the property expenses that are otherwise paid by the property owner, such as real estate taxes, insurance, maintenance, and utilities.

A triple net lease is an agreement in which the tenant is solely responsible for all of the costs related to the property they’re leasing, in addition to rental fee. The name “triple net” comes from the three types of costs the tenant has to pay—net real estate taxes, net building insurance, and net maintenance.