We know signing anything can be scary. But signing a salon studio lease doesn't have to be. We've been working with salon professionals in northern Albuquerque for years now. And we've learned a lot about studio leases.
Once you have found your new perfect location, you will need to do 2 things.
Read and sign the lease.
Pay your security deposit.
Your new landlord will most likely ask you to read and sign their lease. You want this. The lease will protect you and the landlord from unforeseen occurrences. If they do not ask you to sign a lease, I would be very hesitant to agree to rent from them. This is one instance where you don’t want to leave things to chance. Everything has to be in writing. This is your business and you have to treat it as such.
If they hand you their lease and it’s many pages long and impossible to read and understand, please take it to a contract attorney and have them read it and advise you. The lease at Village Salon Studios was written by myself and approved by our attorney. It is 4 pages, and you do not have to have a law degree to understand it. Sure, you might have some questions, and we are always available to answer any questions, but please feel free to have an attorney look at it as well. You need to feel confident that you are making the right decision.
The Security Deposit
The amount of the deposit depends on the landlord. Some require 1st and last month's rent amount. Some require just one month's rent, and some require other amounts. At Village Salon Studios, our security deposit is $350 per person. If 2 people are sharing 1 studio, they each are required to pay their own deposit.
The deposit will hold the studio/suite or chair for a certain amount of time, which will give you time to get your ducks in a row. Some salon rentals do not have a grace period and as soon as you sign the lease, your rent begins. This is a great point to discuss with the owner or manager of the new space before signing the lease. Most likely, you are going to need time to give notice to your current salon and buy things that you will need for your new location. At the Village, we give you up to 2 months before your rent will be due. All salons are different, so be sure you understand the deposit and when you will have to start paying rent.
The deposit should be refundable, but again, salons are different on their deposit policy. If you leave your studio in good condition, and if you fulfill your lease term, your deposit will be refunded at Village Salon Studios, but again this is an important issue to discuss with your potential new landlord.