Author Topic: Help! Negotiating month-to-month rental after commercial lease is up (business)  (Read 952 times)

ethereality

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I posted in my journal, but maybe someone can help me. I'm self-employed in the field of education, so I have committed to teaching through the end of May no matter what. But, my lease is up at the end of March (a 5-year contract that my mother originally signed).

I'm hoping to sell/close the business in the summer, and attend graduate school. If I get into graduate school, I'll know between March 8 - March 15. If that's the case, my ideal scenario is that I negotiate renting month to month from April through June or July. If not, through May at the very least to finish my commitment.

My family has had this business here for 15 years, but I don't think that counts for anything? The landlord has been pressuring me to make a decision ASAP, and has so far only offered the minimum term of 2 years. The offer expires February 1st. There's no way I can make that decision until I know about graduate school mid-March.

The space I'm renting is about 3500 sq. ft, costing me about $5500 per month. There are other vacancies in the lot, and I don't know how easy it is to rent such a large office space. The one similar in size has been empty for years.

Worst case scenario, and I don't get into graduate school? I want to move from this location and downsize, but ideally in May. Push comes to shove, I'll move if I need to, but would be incredibly stressful to search out a new location, sign a contract, and move in the same month as finding out about graduate school.

Anyone have any experience with this? What are my options (I'm based in CA, if that matters)? If nothing goes my way, then I'll close at the end of March and refund all money paid. I have plenty of FU money saved up and I work many side gigs simultaneously, so I'm not concerned about job loss. I would just feel incredibly guilty and sad if I let down my students and families mid-semester. Thanks for your help!