The applicant landlord and respondent tenant could not agree on the prevailing market rent for a three-year lease renewal of a property used as a Montessori school.
The landlord brought an application under Rule 14.05(3)(d) for a determination of the minimum rent.
The parties submitted competing expert appraisal reports, with the landlord's expert suggesting $23.00 per square foot and the tenant's expert suggesting $12.00 to $14.00 per square foot.
The court considered the property's specific use, zoning, amenities, and the impact of the COVID-19 pandemic, ultimately determining the appropriate market rent to be $18.00 per square foot.
