How would you take if given a New Rental Application after 3 decades of tenancy, never late/or short on rent?

Our family has been renting a store front food retail space for a little over 3 decades at the same location (with current Landlord for 10 yrs); we've never been late a month and/or short a penny for this Lessor; now we're given a new Rental Application, like a New guy would received, after we expressed some interest to extent the Lease Option. Question: Is this New application process necessary? How would you do if you were the Lessee or the Lessor?
In Property Management - Asked by Jient L. - Jan 10, 2015
Report Abuse
Answer this Question

Answer(s)

John C.
Broker/Agent
Augusta, GA

I think no big deal, the landlord may be borrying money, or refinancing and the bank asked for the information, when in doubt, just ask.

Jan 12, 2015
Report Abuse
pat l.
Owner/Investor
Chicago, IL

I would be worried and a bit taken aback given my long term model tenancy. A conversation before the new application would have been nice. Feelings aside, I agree with john C. Ask for more information and/or state your case. Maybe they were hoping you would purchase. After 3 decades I hope you have a great relationship and communication to smooth things over.

Jan 12, 2015
Report Abuse
Robin W.
Broker/Agent
Polson, MT

I agree, it's probably something to do with your landlord obtaining financing or possibly wanting current information for files. If you are concerned I would just have a discussion with your landlord

Jan 13, 2015
Report Abuse
CAROL J.
Broker/Agent
Henrico, VA

You mentioned a recent interest in extending the Lease Option agreement and this would entail either a New Contract or an Addendum to the current contract as you are requesting an extension. I'm not sure why you would be asked to complete a New Rental Application. I would definitely be concerned and ask why this is necessary. Also if your current Lease Option contract is expiring, do not assume it will be renewed. Ask the Landlord if the building is being sold, if he/she is looking for higher rent or a new tenant. If he/she is asking you to "reapply" by completing a new Rental Application, then there is a reason. If Landlord is borrowing money or refinancing, this would only require an updated Lease, NOT a New Rental Application. I would confront this Landlord with the question, If you were approved to Lease this building 30 years ago, why now are you having to go through the approval process again. For example, if I were hired to work at a job and 30 years later, personnel came to me and said I had to complete another application to work at a job I'm already hired for, I would think they were out of their mind.

Jan 14, 2015
Report Abuse
CHERYL S.
Broker/Agent
Dedham, MA

You shouldn't have to fill out a NEW application. If you have a current lease and are looking to extend the option, you need to let the Landlord know in writing certified mail before your option opportunity expires. Please have someone read your lease and make sure you are not subject to a new application when the Lease Option expires. Hope this helps!

Jan 15, 2015
Report Abuse
Karla J.
Broker/Agent
Los Angeles, CA

It sounds like this may be the second or third owner of this property since your family has been renting this property. Although the Leases may have been forwarded to the new owners, the application may hot have been forwarded. The current Landlord may not have any personal information on the business owner and as someone mentioned the application may be needed to complete the Landlord's files. I would ask a few more questions such as are you requesting this application to determine whether or not to extend our Lease?

Jan 16, 2015
Report Abuse
Holton W.
Property/Asset Manager
Cleveland, OH

Nothing wrong with the landlord wanting a formal written process. Landlord is just dotting the I's & crossing the T's. I would fill it out no problem.

Jan 18, 2015
Report Abuse
Ted B.
Broker/Agent
Singer Island, FL

Great info and responses, why upset a good long time tenant, relationships mean more in this business then paperwork!

Jan 21, 2015
Report Abuse
Ted B.
Broker/Agent
Singer Island, FL

Good and valid point about a Lender requirements! How long has this function been available, anyone know about actual classes to learn all the functions available to loo-net clients? Great questions and expertise, thank you!

Jan 21, 2015
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question