A headline rent is the rent paid under a lease after the end of any rent free or reduced rent periods. It is an artificially inflated rent which ignores the rent free period or any other concessions given by the landlord to the tenant in return for a higher headline rate. It is important to note that Headline rent is often associated with open market lettings, but also forms the benchmark for any “upwards only” rent review in the lease and it is becoming more common at lease regearing/ restructuring.