Hi all, new to the forum, and really to real estate. We recently bought our first building, a medical practice building with two tenants. One of the tenants, a physician's practice, is currently on a month-to-month tenancy after having recently completed a two-year lease term. From what the previous landlord has told us, the tenant is solid, pays on time, and doesn't require much attention. That said, he is on a month-to-month lease and we would prefer to get him down for at least a year. So here are some questions I have:
1) We want to assess whether the current monthly rental payments are appropriate for the location/building specs. Does anyone know how we can procure an analysis or conduct our own analysis to see what the going rate is, or what we should be charging?
2) The tenant had mentioned in the past that he would like to explore a larger space at some point and therefore never considered an extension. However, the previous landlord has told me recently that she was notified from one of his office managers that he isn't likely to leave anytime soon, but did not indicate why. With that said, any recommendations on how to get the tenant off of a month-to-month lease and onto an annual lease? I prefer not to lose him but the month-to-month tenancy isn't ideal. Unclear on how to proceed.
Any guidance is greatly appreciated!
