In an economic situation that is so different than what we are used to, don't be opposed to doing things differently than you have in the past. A perfect example is your lease agreement. This is a good time to approach your landlord to see if renegotiating your lease is an option. Your landlord is also nervous about the economy and hopeful that his tenants are successful. It would not be inappropriate to ask for a change in your lease. Some options include:

• Reconstructing lease terms,
• Changing payment dates (e.g., monthly rather than quarterly)
• Agreeing on a lower rate
• Adding rent holidays
• Extending the lease length in exchange for a lower rate or rent holiday
• Lowering the fixed rent in exchange for an increased percentage of revenue rent

With a successful renegotiation, both the tenant and the landlord will benefit.