At iModular.com we get a lot of phone calls with questions about renting or buying a modular building or mobile office trailer. We do our best to give people a fair and balanced answer that ultimately will help them buy or rent smart. Here’s one of the most popular questions:
Question: What happens if I sign a twelve month lease or rental agreement for a modular building and we keep it longer than expected?
Answer from iModular.com: In our industry we say that there’s nothing more permanent than a temporary building – I hope you can appreciate the humor. The answer is that the rental company has the right to either continue renting you the modular at the same price or increase the rental rate. Unless you negotiated a price for an extension it’s the equipment owners right – they can even take the modular back if the circumstances dictate a removal.
The best you can do if you are in this situation is negotiate a lease renewal and sign a new contract that locks you and the supplier into a fair rental rate. Be sure to know how much longer you will need the space – you don’t want this to happen a second time.
I hope this helps but if not feel free to call me any time for nation wide help. Matt Banes (714) 442-2757 ext 108.