Welcome to our Tenants!
This section is devoted to our website guests who are also tenants within R7-managed properties. Included below are some Frequently Asked Questions (FAQs) that may be useful.
If you would like to pose an inquiry to our real estate management team, please do so below. We look forward to responding to you!
Thank you,
The R7 Management Team
Frequently Asked Questions (FAQs)
You are required to vacate the leased premises on or before the expiration date, unless a lease renewal has been fully executed, and/or you have made alternate arrangements with the landlord. If your lease expires and you continue to occupy the space beyond the expiration date, and you have not fully executed a lease renewal document (see below), you are on a “month to month” basis. Depending upon the specific language in your lease agreement, you may be required to pay a “holdover rent” which is a specified percentage increase from your last rental amount billed. To terminate your month to month tenancy, a 30-day (or other period as may be specified via the lease agreement) notice is required in writing to the landlord.
Q: My lease is about to expire and I still occupy the space. What are the next steps for renewal?
If your intention is to renew your lease, a written request should be provided to the landlord within the time period specified within the lease agreement. A new lease may then be negotiated based upon market rent and/or other parameters stipulated within your current lease agreement. If your original lease agreement provides for a renewal option, and the notice period has expired, it will be at the discretion of the landlord as to whether the lease may be renewed and under what terms.
Most landlords will assess and make decisions with respect to rent reduction or rent relief on a case by case basis. In most cases, the landlord will request financial reports from your business over the past 12-24 month period in order to conduct an evaluation of your business operations, and the corresponding need for rent relief. Should the landlord determine that your business has declined significantly over the past several months due to interim external economic factors, it will then be determined what course of action should be taken to help remedy the situation.
A: Please review the terms of lease, which will stipulate the amounts and coverage required. Typically the landlord and landlord's representative (such as the Property Management company) will require that they each be named as additional insureds on the certificate. The insurance paragraph can be forwarded to your insurance carrier in order that they may prepare the required certificate, and related endorsements, if any.
Yes. Although you may be contracting with a vendor directly, the management team must be informed in advance if any work is to be done within the property and within your leased premises. The management company will be required to approve (or disallow) the work on behalf of the landlord. Once the work is approved, the property management team will require that you provide documentation of insurance coverage from your vendor. The certificate of insurance must include naming of the property ownership and management entities as additionally insured before the vendor may commence with any work onsite. This is a customary practice, and is enforced for the protection of ownership, management, tenants and vendor.
Q: I have a service request and I am not sure who is responsible to pay for it. What should I do?
All inquiries from tenants concerning service requests are welcomed. We will be able to advise you, based upon a review of your lease agreement, whether the individual service request is deemed a landlord or tenant responsibility. The management team is then available to help coordinate the service request, and to help ensure that appropriate vendor insurance documentation is on file, and that all work is carried out properly.
