Lease-hold Improvements

Written by Fmi.Online Friday January 6, 2023
Leasehold improvements are structural modifications made to a rental property to ensure the property meets the requirements of the tenant.

Explanation :

When a prospective tenant enters a commercial property, it very rarely meets the exact specifications of the tenant’s business. When changes to the property are required, they are called leasehold improvements. These improvements are typically discussed during the negotiation of the lease; although, they may be required by the tenant at any time during the lease term. Depending on the marketability of a rental property, a lessor may provide improvement incentives to make the property more attractive to prospective tenants. If the lessor does not provide financial support for the improvements, the burden of cost falls on the tenant who will account for the costs appropriately.

In a nutshell :

  • A leasehold improvement is a change made to a rental property to customize it for the particular needs of a tenant.
  • Landlords may agree with these improvements for existing or new tenants.
  • Leasehold improvements may be done by the landlord or tenant.
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