If you’re renting commercial property in Colorado, you could potentially be in a very complex situation if a dispute arises. On one hand, you don’t own the property, so the owner has specific rights that must be respected. On the other, you are paying to rent the space, so the owner cannot abuse your rights simply because he or she owns the deed to that property. You do have specific rights, even as a renter, that have to be respected.
Some of the most common disputes arise over rent. Owners do have the right to raise the rent as they see fit. Rent is driven by the market, and they can ask for more if they think the value of the property has gone up.
However, when these owners choose to raise the rent is very important. If you signed a 12-month lease saying that you could use the property for a specific amount of money, the owner is also bound by that lease. Just as you cannot use the space if you neglect to pay, the owner cannot change the rent to more than you said you’d pay. After the lease runs out, though, the owner is free to raise the rent for the next term of the lease.
One issue that makes this even more complicated is when people rent spaces on a month-to-month basis. With no long-term agreement in place, when does the owner have the ability to change the rent, and what can you do if you think that the change is unfair? For the most part, owners can increase the rent at any point, unless they agreed up front that it would be month-to-month and would not exceed a specific amount. However, for most increases, you do have to get advanced notice, so the rent cannot just be altered without warning.
If you want to learn more about what you can do if you find yourself in a complicated situation like this, please check out our webpage today.