Are you likely to get any rent concession from your landlord? Probably not and these are the reasons why?
- Statutory (Covid) rent concessions do not apply to new leases. In renewing your lease you are entering into a new lease. You are therefore not entitled to any form of Covid rent relief.
- Statutory (Covid) rent concessions generally expire in October 2020.
- Landlords normally never give incentives or rent concessions to existing tenants.
If you are looking for a rent reduction or a better deal, now is the time to look for alternate premises. Landlords frequently offer rent concessions of up to six months to entice a new tenant to their empty shop.
I have recently seen several clients upgrade to nicer premises on lower rent with generous rent concessions. There are some good deals out there, particularly with landlords who have empty premises.
Remember to call us prior to signing off on your Heads of Agreement to ensure you are getting the best deal possible.