Ways to Reduce Your Rent Expenses During a Crisis

Ways to Reduce Your Rent Expenses During a Crisis

Are you a commercial tenant struggling to pay rent and need to know your options? Attached is an article showing 5 proven ways to reduce your rent expenses during crisis events like COVID-19.

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(1) Rent Deferment

This is when a landlord allows tenant to skip paying an entire or partial amount of the rent due. Your landlord may ask for the following:
• Updated financials: P & L, Balance Sheet, etc
• Something showing financial impact from COVID-19
• Explanation letter of what will happen if the deferment does not take place

(2) Renegotiation (Blend-and-Extend)

When a landlord lowers your monthly rent by you signing a longer lease and amortizing the rent difference over the new term of the lease

(3) Substitution of Premises

When a landlord allows you to move to a different space in their portfolio that is smaller or lower priced than the current one you are occupying

(4) Relocation

If you are on a month-to-month lease or your landlord will allow you to break your lease early, you can relocate to a more affordable property

(5) Sublease

If you have excess space, you can hire a broker like myself to find you a subtenant to rent a portion of your space. This helps you generate more income and lower your rental expense. We can also help you sublease your entire space.

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