Ep 20 - When the Rent Goes Up: Options for Business Owners скачать в хорошем качестве

Ep 20 - When the Rent Goes Up: Options for Business Owners

In this episode, host Sarah Stoddart delves into lease agreements, specifically exploring landlords' rights to increase rent and strategies for business owners to navigate potential unfair increases. Given the current cost of living crisis, understanding lease obligations has become increasingly vital for business owners. The foundational step in addressing any lease-related concerns is to locate your signed lease agreement. It's essential to ensure that you have the correct version - the signed copy or the final agreement version. If you’re unable to find it, consulting a lawyer for assistance in retrieving it is recommended. Your lease document typically outlines the term and initial rent amount, along with provisions detailing how rent increases are handled over time. Under most leases, landlords can implement rent increases as stipulated, and failure to execute this on the scheduled date does not waive that right. This means if a landlord neglects to apply a rent increase at the anniversary date of the lease, they can still enforce it later. As leases often include options for renewal at specific intervals (like every three to ten years), it's crucial to understand how rent will be determined upon exercising these options. In many cases, the new rent is assessed based on the current market value, which may require negotiation between tenant and landlord or involve a third-party valuation - a process that can be lengthy and costly. Preemptively negotiating the lease terms can provide leverage when it comes time for rent reviews or lease expirations. The podcast emphasises the importance of careful negotiation when entering a lease, as agreements reached can significantly impact future costs and your operational stability. In conclusion, while landlords do have the right to increase rent according to the terms of the lease, it is crucial for tenants to be well-informed of their rights and actively prepare for negotiations, especially as leases expire. Keeping solid legal advice on hand will empower business owners to take appropriate steps against arbitrary rent increases. Calm The Pharm is brought to you by your host, Sarah Stoddart. Sarah is the founder and director of Vitality Law Australia, a boutique law firm which provides small business owners and healthcare professionals across Australia with clear legal pathways and peace of mind. She is recognised as a leader in the healthcare industry and is one of only a few lawyers in Australia with specialist experience working with pharmacy businesses.  In 2021, Sarah was named the Lawyers Weekly Women in Law Australian Sole Practitioner of the Year. She was also named as a finalist in the AusMumpreneur Business Awards. In 2022, she was named as a finalist in the Women in Business Awards for The Hills and Districts Chamber of Commerce, the Australian Law Awards and again in the Women in Law Awards.  Sarah is the co-author of business book, “Courage and Confidence”. The book is a collection of inspirational stories combined with practical tools, tips and advice written by a small group of Australian women in business.  She is also a non-executive director of MS Queensland. www.vitalitylawaustralia.com Instagram: @vitalitylawaustralia Facebook: Vitality Law Australia LinkedIn:   / sarah-stoddart-23b92240