What Type of Premises Are You Renting?


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There is a common misconception about tenancy and renting. The average individual only thinks about residential premises at the mention of the word ‘renting’. This is a bit of a strange idea considering there are a number of facilities and services that are involved in the renting industry -, tuxedos are rented.  However, focusing purely on premises, here are a variety of them that can be rented:

Residential Premises:  Residential premises are properties or buildings that are used for housing purposes. They are usually structured in a family-like manner or sometimes singularly. Residential premises in the same location are usually built in the same way. Residential premises are usually serene, but location is key. If you are going to rent a property in a residential area, you have to take into account the location, the proximity of the property to your workplace, and it’s centrality, amongst other things.

Business Premises: Business premises are not all too different to residential premises. They are structured in different ways as appropriate to different businesses. Some are individual units under a singular roof, some are incubator-like, while others are in the form of suites. Renting a business premises ties down less capital than actually purchasing one. A tenant that rents a business property most likely has an intention to move in the foreseeable future. Renting is a flexible and short-term option. Business premises are usually found in commercial locations because that’s where they are most marketable, and the tenants prefer a location where patronage and sales come easily, which they get in a commercial environment. In most cases, the cost of renting a business property is more than that of a residential property. There’s also a sense of professionalism and firmness attached to the tenancy by the landlord, as a result, a tenant renting a business property cannot afford to default. With the competitive nature of business premises, landlords favour the highest bidder and a mistake on your part may be brutally punished. If you are about to rent a property in a business premises, make sure of the following:

  • Get a property in a commercial location
  • Be professional in your tenancy
  • Avoid mistakes as they can be costly
  • Make sure your tenancy agreement is fully honoured

Before you enter into any tenancy agreement, be sure of what exactly you want. If you want flexibility never go into a fixed tenancy, avoid mistakes, and don’t be quick to vacate your apartment if there is a breach.


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