Can I change price if I do not specify it on renewal/extension option? When must they notify if not specified?

Lease only states "Tenant is entitled to one renewal option to extend ___ months. By the exxersice of these renewal option, Teant may extend the Lease until ______" So does this give me the option to change up the lease terms or does it give the tenant to keep the same price but just expend the lease?
In Property Management - Asked by Christopher C. - Jul 27, 2009
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Answer(s)

Robin E.
Broker/Agent
Lincoln, NE

Do you have a property manager, or are you a property manager? A property manager could interpret whether the lease renewal is based on a price on on market rate

Jul 28, 2009
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Robin E.
Broker/Agent
Lincoln, NE

Typo, that should have said "based on a price OR on a market rate"

Jul 28, 2009
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Christopher C.
Stafford, TX

I am the property manager, but i recently bought into the property with lease contracts from previous owner. There is no lease renewal section on the lease, they just added 5 year option on the saide of the lease terms.

Jul 28, 2009
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Paul S.
Broker/Agent
Glendora, CA

You should ask a lawyer but usually an option to extend is under the same terms as the existing lease. Any changes (such as a rent increase etc) are usually spelled out in advance.

Jul 28, 2009
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Christopher C.
Stafford, TX

I am the property manager, but i recently bought into the property with lease contracts from previous owner. There is no lease renewal section on the lease, they just added 5 year option on the saide of the lease terms.

Jul 28, 2009
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Chris G.
Broker/Agent
Lynchburg, VA

I would ask an attorney you work with, but I have been told in the past that options that do not specify rent amounts are not enforceable. As a rule of thumb, when I grant renewal options in leases I specify what the rental amounts will be throughout the option periods.

Jul 29, 2009
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Gregory G.
Broker/Agent
San Francisco, CA

The rental rate should have been spelled out. You may want to consult an attorney.
http://www.gregorygarver.com

Sep 1, 2009
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