I had a 3year lease with a 5year option. In 8months the option is up...is it common to have another 5yr option

Can my landlord(property mngmnt) co. Raise the rent to whatever since the lease option is "up" or can I request another 5yr option the same way it has been going?
In Leasing Property - Asked by Treva S. - Jun 20, 2012
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Answer(s)

Michael H.
Broker/Agent
Manhattan, NY

There is nothing common. It all depends on what your lease states. If the lease states you have an option then you have an option. If the lease does not say you have an option to renew then you don''t have an option to renew. You can always ask the LL to write a lease amendment with a new option to renew.

Jun 20, 2012
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Rob B.
Chandler, AZ

Michael's answer is spot-on. The only thing I can say additionally is, this is a prime example of an option being in the tenant's favor. The only time the field again reaches a point of parity between parties is when "the option is up".
It is my belief that the only way you are likely to gain a new option is by signing an extension of your current lease under negotiated terms with the landlord, which includes as a condition a new option period, or periods, that will become effective at the end of your extended lease term.
Good luck and Onward and Upward!
Rob Baird
rob@capratecommercial.com

Jun 21, 2012
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