Provided by: Jennifer Kirschenbaum, Esq.
March 29, 2022
How do I get my tenant to sign a new lease when they have a renewal option?
Thank you. Dr. O
Well, depends on the language of the renewal option... You may very well be stuck with the lease, as drafted, and Tenant may have a unilateral right to renew, depending on language. There may be certain protections drafted in, for instance, perhaps if Tenant is in breach in some way, or has breached, the renewal option is void or voidable. Or, perhaps you have to consent to the renewal, which may be withheld? Or, perhaps the terms of the lease state the Renewal is to be at Fair Market Value or subject to market assessment? Or, not, and you are stuck. Devil is in the details.