A rent schedule with predetermined increases at fixed intervals — typically annually — set at the time of lease execution rather than tied to an index like CPI. Each step is a fixed dollar or percentage increase.
Stepped rent provides both landlord and tenant with certainty about future rent levels, eliminating the volatility of index-based escalations. A typical step schedule might increase base rent by $1.00 per square foot each year or by a fixed percentage (e.g., 3% annually). Because the increases are locked in at signing, tenants benefit if inflation runs lower than the step rate, while landlords benefit if inflation runs higher. Lease abstracts must capture every step date and amount to enable accurate financial modeling and critical date tracking.
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