Can I boot a tenant who's rent is too low or at least renegotiate the lease?
I have a tenant who signed really low rent during the beginning of the pandemic (April 2020). His lease is ending in 90 days, but he has the right to exercise one renewal option. Do I have to accept the renewal or can I renegotiate the lease to market rates or find a different tenant?

To give you an idea, his negotiated rate is roughly $18 per sq foot whereas now the market rate is $22 per sq foot, which is a difference of about $10,000 per year.

Thanks in advance!
[{"id": "j0hxq76", "text": "What, exactly, do you think a renewal option is my man haha", "replies": [{"id": "j0hyf1h", "text": "Haha I know I've just heard stories of landlords terminating leases for whatever reason they want. I could go back and nitpick and say they didn't pay rent on time for more than 3 months, they didn't keep up with maintenance of the property, etc.", "replies": [{"id": "j0i7l6u", "text": "Want to sell the building?", "replies": [{"id": "j0i8z8z", "text": "Pls buy it. That kind of shit gives Landlords their well earned reputation.", "replies": [], "depth": 4}], "depth": 3}, {"id": "j0ip4ea", "text": "Yeah that\u2019s not legal. You signed a binding contract. If they  are in default that\u2019s one thing but it sounds like you are just being a choadster.", "replies": [], "depth": 3}, {"id": "j0juldb", "text": "Man. You are a certified piece of shit. You give the rest of us a bad name. You just wrote this like it wasn\u2019t a blatantly slimy idea. No shame at all. Lol. \n\nTry negotiating in good faith. If you aren\u2019t smart enough to do that, hire someone who is. If you fail, you honor the agreement. \n\nYou aren\u2019t some business genius for trying to screw your tenant out of their previously negotiated entitlements. You\u2019re just an asshole. \n\nTry being someone who is known for honoring their agreements. It\u2019s taken me very far in my career. If the \u201cDoc\u201d in your name means you\u2019re an actual doctor, that\u2019s hilarious, because there is a widely held stereotype of the bored doctor who gets into development. Without fail, they usually end up making some ridiculous arbitrary decision that fucks everyone involved in their deals, and eventually, themselves.\n\nGood luck. It sounds like you need it considering your instincts on this one.", "replies": [{"id": "j0l50kl", "text": "(Checks post history) - OP is dermatologist which confirms stereotype.", "replies": [{"id": "j0m2rp3", "text": "Also do you think it\u2019s going to be free to kick them out, what are you going to lose on rent while the space is vacant and how much are you going to spend on TIs for the next tenants? This will not net you anywhere near 10k. There are costs to find new tenants.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "j0i1jw5", "text": "Read the lease. \n\nThe renewal option likely gives tenant the right to stay in the building for a specified length of time, but usually there is a process defined for what new \"market rent\" will be. \n\nI'll say this: it doesn't pay long term to be an asshole landlord. Treat your tenant's right.", "replies": [{"id": "j0pmw6o", "text": "I agree with this. Pigs get slaughtered. If the renewal option works to his benefit- Good for him, and you since you have a paying tenant. \n\nWhen that expires raise it to market.", "replies": [], "depth": 2}], "depth": 1}, {"id": "j0i4omu", "text": "The makings of a slumlord", "replies": [{"id": "j0idsj9", "text": "Seriously.", "replies": [], "depth": 2}, {"id": "j0juty5", "text": "What an asshole this dude is. It\u2019s wild to see someone just write this shit out. It doesn\u2019t bother him at all.", "replies": [], "depth": 2}, {"id": "j0pmxk3", "text": "Completely", "replies": [], "depth": 2}], "depth": 1}, {"id": "j0i7cje", "text": "1. Hire a broker.  No offense, but if you cant determine this by reading the lease then you need help.  I can pretty much tell you that you can't renegotiate the lease by virtue of the tenant renewal option.   \n2. You sound new, so take this advice....  Real Estate is a long game and it would be best if you built a relationship with this tenant.  You don't always have to drive maximum rate.  Sometimes it is better to be under market and have 0 vacancy.  Turnover sucks and your 10K year will get eaten away very quickly if the space sits.", "replies": [{"id": "j0izuzp", "text": "Agree with above", "replies": [], "depth": 2}], "depth": 1}, {"id": "j0ib85g", "text": "Engage an attorney or broker at minimum and have them read the lease. The lease will answer this question for you.", "replies": [], "depth": 1}, {"id": "j0idk4h", "text": "You do realize that you\u2019ll pay a broker to re-lease the space right? Not to mention marketing time and possible TIs.\n\nNot worth the hassle imo. Read the renewal language, there is likely a rate increase anyway", "replies": [], "depth": 1}, {"id": "j0ipkq4", "text": "How much would it cost to sit empty or get a shitty tenant in there?  Or to piss this one off to the point that they become a problem?  Read the lease, abide by the agreement, be fair to keep good tenants.  It was signed in a time of uncertainty, if rents had gone the other way would you want the tenant coming back and asking for a reduction?", "replies": [{"id": "j0mrb21", "text": "This is the comment.", "replies": [], "depth": 2}], "depth": 1}, {"id": "j0ipysl", "text": "If they have an option, probably not, but I haven\u2019t read your lease and I\u2019m not a lawyer so I don\u2019t know what your obligations are.", "replies": [], "depth": 1}, {"id": "j0iqhz1", "text": "An option typically means they have the option to extend at market rates", "replies": [], "depth": 1}, {"id": "j0j9q05", "text": "Depends on the lease. And then your move depends on the market and the tenant. If you squeeze them hard there may be repercussions, karma or otherwise.", "replies": [], "depth": 1}, {"id": "j0lh5tt", "text": "Get out of real estate. There are already enough shitty landlords.", "replies": [], "depth": 1}, {"id": "j0m86zj", "text": "That's barely under market at all.  At my shop we have people paying 60%+ below market in some places...\n\n&amp;#x200B;\n\nThe renewal option should have the terms of the renewal right in it.", "replies": [], "depth": 1}, {"id": "j0obifl", "text": "Everyone else has put their thumb on why you shouldn't operate in that manner. I think maybe you can now tell us what the renewal option is and maybe this will provide more context?\n\nI'd also imagine that getting the new tenant in a 2,500sf space will cost you  more than $10,000 so go ahead and run them out and get sued in the process.", "replies": [], "depth": 1}]