Can a business owner request a rent reduction?

If you own a business and are finding it difficult to meet your rental payments due to COVID-19, you may be able to request a rent reduction from your landlord.

How to negotiate a commercial tenancy rent reduction?

Negotiate your new rent arrangements and come to an agreement. Write down your agreement. Send the agreement to your landlord to sign and return to you, and keep a copy for yourself.

What to do if your Small Business is struggling with rent?

For nearly half of small businesses, those lost weeks could be enough to push them into the red. Enough to make it impossible to pay rent, which for many is due today for the first time since the start of the COVID-19 outbreak in the U.S.

Can a landlord pay for loss of rent?

The first step is to determine whether the landlord’s insurance covers loss of rent. If loss of rent is covered, the insurer will pay the landlord their tenant’s rental cost when the tenant is unable to access the property because of a covered loss.

If you own a business and are finding it difficult to meet your rental payments due to COVID-19, you may be able to request a rent reduction from your landlord.

How can bringing in a new tenant reduce your rent?

Bringing in a new tenant (for part of or all of the rented space) could reduce or eliminate the rent obligations while replacing revenue for the landlord. Review your lease to see if your rent is simply base rent or it includes pass-through expenses. How much are these expenses and are they set to increase? When does your lease end?

How to negotiate a short term rent reduction?

For short-term reduction, the tenant should mention that amount he or she is willing to pay and the date on which they will resume full rent. For long-term reduction, the tenant may want to meet the landlord and discuss options in person.

What can a landlord do to help with rent?

Here are some viable alternatives to mitigate this issue: Rent Reduction. The landlord can reduce the tenant’s rent for a portion or all of the term left on the lease. The usual forms of rent reduction are to reduce the base rent, operating expenses, or both.