Convert a face rent to net effective by netting TI, free rent, and leasing commissions, so comps and underwriting use the rent the landlord actually earns. Reach for this on any rent comp.
Installs into .claude/skills of the current project.
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---
name: decompose-net-effective-rent
description: "Convert a face rent to net effective by netting TI, free rent, and leasing commissions, so comps and underwriting use the rent the landlord actually earns. Reach for this on any rent comp."
---
# Skill: Decompose net effective rent
Face rent is marketing; net effective is economics. This nets the concessions so two comps are comparable.
## Step 1 — Gather the concession package
Face rent, term, TI allowance, free-rent months, and the leasing commission for the comp and the subject.
## Step 2 — Net to effective
Spread the concessions over the term to get the net effective rent per the same basis (§3 #5).
## Step 3 — Compare like to like
Only compare NER to NER; a face-to-NER comparison overstates the subject's competitiveness.
## Step 4 — Flag credit and term
Note tenant credit and term — a higher NER from a weak tenant on a short term is not a better lease.
## Output
A net-effective rent for each comp, an apples-to-apples spread to the subject, and credit/term flags.
