I own a piece of property near a railroad track. A small corner of my building in near the track so I lease 1,000 feet from the railroad.
When I bought the property in 1995 the lease was $50.00 per quarter. Then it went to $500 then $700 with a yearly 3% increase. This has gone on for a few years.
Now I just received an invoice with an 8% increase.
Is there anything I can do? I just sent them a letter asking the reason for the increase.
We’re sorry to hear about your situation. Unfortunately, the answer really depends on the terms of your lease, but if you only have an annual lease and they’re simply raising your rent from one year to the next, there likely isn’t anything that you can do. If you signed a long-term lease, you may be able to lock-in lower lease rates, but the railroad company may not be willing enter into a long-term lease.
Hope this helps,