My husband owns a business and has been at his location for 10 years. The latest rent he was paying was $650 per month. The building was sold to a new owner who just sent him a notice that the rent would now be $1750 per month starting next month. Doesn't this qualify for an excessive rent increase? Furthermore the place needs major work including extermination, plumbing and fixing of flooring. We don't want to move but we don't want to pay $1750 per month for the conditions the space is in! What resources should we pursue?
2007-09-15 12:19:22 · 7 answers · asked by CuriousOne 3 in Business & Finance ➔ Renting & Real Estate
If he has time left on the lease then the terms of the lease would rule. If he is month to month then he can pay up or move.
Pursue? Well discuss it with he new LL and then tell him you will be looking for other space and see if he relents.
2007-09-15 12:29:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First if your husband has been renting for 10 years at $650 per month then he has been very lucky. The new owner purchased it as an investment and are just bringing the rent up to market rent similar to other prop within the area. This is standard practice on income producing prop, when the rent is below market rent. If your husband just bought a business that charges $100 per hour and every one else is charging $300 per hour, don't you think he would raise his prices also to market prices and his right to run his business how ever he feels to increase profit for him and his family. Sorry thats business.
2007-09-15 13:12:13 · answer #2 · answered by Leo F 4 · 1⤊ 0⤋
That's business. You have little or no protections in commercial rentals; it's all down to whatever the market will bear. The assumption is that a business person will be aware of the risks and plan accordingly.
If the place needs work, he'd better get his hammer out. Most commercial rental property is net of taxes, maintenance and insurance. That means that the tenant is responsible for routine repairs and maintenance to include extermination. If he turns the property back to the landlord in a deteriorated condition it's likely that he'll be charged for the repairs.
2007-09-15 13:20:19 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
properly for starters the recent proprietor has a clean mortage. He has the valuables taxes. An i`m confident it quite is a whooper. Then he has coverage. Then there is the water bill. Trash bill. electric bill. Repairing the roofs. as properly all the conventional fix artwork needed. you need to circulate up and thank him for no longer elevating it extra. attempt looking around at place of living homes on your section and keep the present rents accessible. while you're happy the place you reside stay. If no longer happy then possibly you would be happier some place else.
2016-11-15 08:07:26 · answer #4 · answered by ? 4 · 0⤊ 0⤋
There are no laws regarding commercial rent ,
Except the law of " what the market will bear " .
Yes they can raise the rent as much as they like .
After 10 years , it would seem your husband will be staying with that work .
He may want to buy space instead of renting .
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2007-09-15 12:25:19 · answer #5 · answered by kate 7 · 0⤊ 0⤋
If you have a lease they new landlord has to abide by the lease simple as that, in the usa that is how it works.
2007-09-15 14:28:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yea cause it his proprety
2007-09-15 12:28:06 · answer #7 · answered by bigj1691 1 · 0⤊ 0⤋