Legal Question in Real Estate Law in Pennsylvania
Rent rates
I am thinking of renting a place for a hair salon. It is a 10 year lease, and every year the rent goes up 5%. Is there an index that can give me an idea whether this is a reasonable increase? Is an attorney review of a lease costly?
2 Answers from Attorneys
Re: Rent rates
You should tie an increase into the consumer price index not five percent. It is too high an annual increase. An attorney review is not costly. I will be happy to review and provide you with specific recommendation for $125. Gerald Hershenson 215-579-9390
Re: Rent rates
It is important to have any business lease reviewed by an attorney. The rent amount is not the only issue you should be concerned about, there may be other provisions that would add costs and risks that you would not want to undertake.
It should be possible to negotiate a CPI - consumer price increase - index based rent increase, with a _maximum_ of 5% per year, to better protect you.
The legal fees for reviewing a lease and recommending negotiating points, or assisting you with the negotiations, vary, depending on the time involved. Please call if you want further information about representation.
Good luck with your new venture.
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