Tenant Tactics Blog

With so many landord/tenant or leasing issues occuring so rapidly, we will be limiting our monthly Blog posts but please click on our new "Solutions of the Day" section for short and quick answers to every day problems facing tenants

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How is Fair Market Value Achieved on Renewals?

Imagine your lease is coming up for renewal and the terms of the renewal are broad. The lease likely states, “The renewal term shall be “X” years at a rate equal to Fair Market Value (FMV) or “X” percent greater than the last year’s rate.” Some leases might add the phrase “the greater of.” The landlord will likely send you a letter stating what they perceive is the FMV and give you 15 to 30 days to accept or reject the offer. Rather than focus on the potential legal jargon that may be involved, let’s focus on two issues. First, what does FMV include? Second, how and who determines that? What would the landlord offer to a new third-party tenant in order to attract them? That offer may simply

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