He or she will often live in their flat rent free.

Unlike office space, which carries a flat rent, retail rents are calculated as a base rent plus a percentage of revenues.

On the other hand, Suze knows that Becky does not have enough money to pay the flat rent and even tears up a cheque written by Becky.

One way out of the maze is to give tenants the power of choice: either pay up to 30 percent of income as rent or pay a flat rent set by the local authority.

"But we may see a tightening of underwriting standards at the same time, with lenders projecting only flat rents," she added, noting that lowered rent assumptions would tend to reduce the value of buildings.

That little girl had to struggle on because the flat rent had to be paid, she had to struggle on because she had a car, kids had to go to school, until she died.

ALTHOUGH the overall value of New York City real estate has risen in the last year, flat rents and slow sales have led to a noticeable slowdown in the rate of increase for commercial properties, according to the tentative assessments announced earlier this month by the city's Finance Department.