Asked by J
Hi, I'm a commercial tenant of a retail shop (under HDB).
Background:
In my TA, under Lease Period: 24 months lease with option to renew for TWO years st the prevailing market rent to be agreed upon both parties by giving Landlord two months written notice.
Lease 24 months run from 5 Aug 2018 to 4 Aug 2020.
I asked the topic about renewal in late Mar, but was told that it's too early, and to revisit in May/Jun.
Covid happens, everyone got busy, so no one talked about it.
We thought that it's going to be business as usual, and we will renew and stay on automatically.
Suddenly few days ago, landlord reach out and say they want to raise rent by 10% and renew only for 1 year.
2 questions I have:
1) Can Landlord give notice so late about rent increase? Or do they need to give at least 2 months?
2) Our option to renew is for 2 years. Can Landlord insist on only renewing 1 year? Ideally we want 2 years for stability.
Hope to hear all your advice.
Background:
In my TA, under Lease Period: 24 months lease with option to renew for TWO years st the prevailing market rent to be agreed upon both parties by giving Landlord two months written notice.
Lease 24 months run from 5 Aug 2018 to 4 Aug 2020.
I asked the topic about renewal in late Mar, but was told that it's too early, and to revisit in May/Jun.
Covid happens, everyone got busy, so no one talked about it.
We thought that it's going to be business as usual, and we will renew and stay on automatically.
Suddenly few days ago, landlord reach out and say they want to raise rent by 10% and renew only for 1 year.
2 questions I have:
1) Can Landlord give notice so late about rent increase? Or do they need to give at least 2 months?
2) Our option to renew is for 2 years. Can Landlord insist on only renewing 1 year? Ideally we want 2 years for stability.
Hope to hear all your advice.
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