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What to Charge for Rent?
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over 5 years ago
I have a 650 sq ft Commercial property in Charlotte, NC located in the up and coming North Davidson (NODA) area of Charlotte. I need to raise the rent on the current tenants because I am not able to cover my costs. I have a management company managing the place for 5% (standard rate for commercial properties); however, they are (for some odd reason) unable to provide me with an average cost for rent. The lease is for 3 years and the tenants have been good but very demanding and refuse to read/understand the commercial lease, ie. there are requirements regarding the upkeep and maintenance of the HVAC system, etc. and they believe it is the same as renting residential property which it is not. Any idea what I should be getting for rent or any suggestions regarding how I can make that estimate? Lease is coming up very soon and I just replaced the HVAC ($5,300) and over the course of owning the property have replaced all of the windows (approximately $2,000 or more). Only thing left to replace is the water heater when it goes. It is in a Condo community.
over 5 years ago
Average Rent in NC about 980.00-1,120.00 depending on the size and rooms. If you do a search you can find the average is about $17.79 per square feet/year for Renting a Commercial property in NC. I also do not think there is a statute on raising rent. I would discuss this with an attorney.
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