key money

American  

noun

1. advance rent or security required of a new tenant and given in exchange for the key to the house or apartment.

2. an amount of money paid, often secretly, to a landlord, superintendent, or current tenant by a person desiring future tenancy.

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key money British  

noun

1. a fee payment required from a new tenant of a house or flat before he moves in

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Etymology

Origin of key money

First recorded in 1895–1900

Example Sentences

Key money is the sum paid to acquire a lease and persuade the existing tenant to move out.

From BusinessWeek • Apr. 13, 2011

Key money for a dingy, two-room flat ran as high as $4,000 U.S.

From Time Magazine Archive