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

To tease out key money lessons, we talked to a few leaders in the financial world about their best takeaways.

From Reuters • Mar. 20, 2023

The president added: “It’s a little bit like the landlord-tenant. Without a lease, the tenant has nothing. So they pay what’s called key money or they pay something.”

From Washington Post • Aug. 3, 2020

It spared no expense, splurging on "key money" - cash up front to secure the best locations.

From Reuters • Feb. 11, 2015

“We are absolutely shocked at the key money changing hands,” said Helen Franks, Grosvenor’s head of commercial and retail leasing in London.

From BusinessWeek • Apr. 13, 2011

Often there was a demand for "key money," say $200, to speed negotiations.

From Time Magazine Archive