How can I get an increase in my Rental Income ?????

Question

I have a commercial property from which I get a monthly Rent.
It is on a 9 yr lease with a Multinational.In one clause there is an increase in rent every 3 years.Due to RISE in prices I am finding it difficult to pay my Property Taxes and meet expenses.IS THERE ANY WAY I CAN ASK FOR AN INCREASE IN RENT ???? How should I proceed and whom to consult?Will the consultation fees be high???

Answer 1

The details are in the lease for something like this. If you have a commercial leasing professional review you lease they can tell you where the loopholes are in the contract and how you can have them make extra payments etc. That shouldn't cost too much.

You should be passing the property taxes on to them, or at least a portion of the taxes?

You can charge them CAM charges probably.

Answer 2

You did not indicate where the property is located. Market conventions and the regulations matter.

1. Call around and to find commercial leasing agents or find an attorney who focuses on commercial leases.

2. You need to understand what the lease allows for. Some of all of the expenses should be passed on to the tenant.

3. The commercial agents will know the current rates in the area for this type of property. They will also know what sort of charges should be paid by the tenant. They will be able to supply information for rent reviews and other discussions so you have the information you need before talking with the tenant.

Answer 3

Make sure everything is in right and have your attorney read the paper work. Also see what the AREA RENTS are before you decide on a final price.


Good Luck!


Fair Rent Act