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Question regarding rent and US economy woes

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  • Question regarding rent and US economy woes

    I rented out a space in a small outlet type mall with a 5 year lease in 2006. At the time the mall was full of people...as 2007 passed by to 2008, as the economy slowly faded so did the crowds at this mall.

    Is there any law saying I can renegotiate rent based on how empty the mall is? and the amount of sales that has decreased over the past 3 years everywhere?
    This mall contains about 20 small businesses and eateries.

    thanks!

  • #2
    Re: Question regarding rent and US economy woes

    There's no reason you can't. Give it a try.

    Comment


    • #3
      Re: Question regarding rent and US economy woes

      You can negotiate anything the LL will agree to. If he refuses though, you are stuck with the current rent until the lease ends. Good luck.

      Comment


      • #4
        Re: Question regarding rent and US economy woes

        THANKS!

        Comment


        • #5
          Re: Question regarding rent and US economy woes

          just an innocent suggestion...give your tenants more options. most businesses go under for lack of capital, cash flow. advertise the ability to pay rent and security deposits online with a credit card. the good thing is that you're not involved in the transaction at all. the tenant pays rent online with a credit card, a small convenience fee is added then you are cut a check for 100% of the rent. www.ricochetaps.com

          if you want you can email me, [email protected] please dont regard this as spam or soliciting...this is not a service that you would use. its free to you. its just an idea of something you could offer as an incentive to bring in more stores in your mall. Also, it can help you collect unpaid rents from current spaces.

          Good luck and much success!!!!

          Comment


          • #6
            Re: Question regarding rent and US economy woes

            Keep in mind a few things if you use a service like this:
            -This allows the tenant to continue to add to his debt. His debt to income ratio continues to grow. It can easily get to the point where he must declare BK from too high of credit card debt.
            -Accepting automatic payments can interfere with evictions. Some states will not allow you to evict if you accept the rent. (It is considered inferred acceptance of the rental situation.) Your eviction of lease violations can be voided.
            -Deposit accepted via credit card would have to be returned to him as a credit on this card's account. Another transaction equals more fees.
            -Do you really want a tenant who has to charge his rent and his deposit? He can't come up with cash, check, or money order to pay that? If he's that strapped for money, he really can't afford that unit.

            Comment

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