In this week’s Mark Minute, we dive into a crucial topic for property owners, why you should avoid including “rights to renew” in your leases!
Key takeaways: • Rights to renew = loss of control: Tenants can renew at below-market rates, limiting your options as a property owner. • Say goodbye to renegotiation power: No chance to adjust rent or discuss tenant needs once the lease renews at pre-set terms. • Property value takes a hit: Pre-negotiated rates can stop you from increasing your building’s value after renovations or improvements. • Avoid this common owner mistake: Many owners think rights to renew add value, but they’re actually giving away future flexibility.
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