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I have rented corner double story shoplot on 2009 for (Mamak shop), during the time the rental was RM2500 after 3 years the auto renewal option was accept by the tenant and the rent was RM2700.( the agreement was made for 3 years with opt to renew additional 2 years. I was not realize that market price was more than that. because we have offer a full shop bottom (almost 2 shop) and upstairs as well, and as my friends saying the rental are suppose to be RM4k - RM5k btw. currently the agreement coming to end by this sept 2019. I would like to renew the contract with new rate, what step should i need to take first?
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<en>David</en> <en>Wong Lai Kwong</en>
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If your tenancy is expiring in September 2019 without any further option for the tenant to renew it then you are at liberty to rent it to any other tenants at the market rent that you may want. Since the existing tenant has been your tenant for many years and if you are satisfied with this tenant's rental payment promptness and maintenance of your shop throughout the tenancy, perhaps you may want to inform them in writing that you are reviewing your rental to the current market rental upon the expiry and should they want to stay on a new tenancy and increased deposits have to be paid. It's always good to have a dateline for their decision at least one or two month before the expiry date so that you can have enough time to plan for the next tenant and the existing tenant to reinstate the premises in the event the existing tenant does not intend to pay the higher rental and enter into a new tenancy agreement. Should you need any further assistance, you may contact me, David Wong (E2097) at 0193330573  . Thank you. Read More
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