Walgreens, CVS, and also Rite Aid Just what RE Investors Ought to know this year

There are usually 3 major drugstore stores within the US: Walgreens, CVS, as well as Rite Aid. Here are some key stats about the 3 main drugstore chains by This summer 2010:

1. Walgreens
2. ranks #1 along with market cap associated with $2933 Billion, $6625 Billion dollars in revenue, and A.M BEST rating of A+ Based on Walgreens, 75% ALL OF US population lives within three miles from its shops. On March 1, 2009, Walgreens opened up its 7000-th store within Brooklyn, Ny. In 04 2010, it obtained 258 Duane Reade medication stores in Ny City area.
3. CVS
4. ranks #2 along with market cap associated with $4209 Billion, $991 Billion dollars in revenue (CVS income alone is no more than Walgreens when revenue from it is Caremark group is used out), and S&P ranking associated with BBB+. CVS opened up its 7000-th store within Little Canada, Minnesota upon October 5, 2009 as well as currently operates 7025 medication stores
5. Rite Aid
6. ranks #3 along with market cap associated with $869 Million, $2553 Billion dollars in revenue, 4780 medication stores and S&P ranking of B-

Investors buy properties occupied by these types of drugstore chains for any subsequent reasons:

1. The drugstore company is extremely recession-insensitive. We all need medicine when sick, whatever the state from the economy. Equally rich and the indegent in america get access to medication. Some even believe low-income people utilize more medicine because of free or cheap drugs provided by government-assisted applications. So the renters should do well throughout tough time and possess money to pay lease in order to landlords.
2. The drugstore company has a good potential client within the US:
   • People live longer and wish more medicine in order to sustain longevity, for example Actonel regarding osteoporosis, Aricept regarding Alzheimer's symptoms. Seniors tend to utilize more medicine than youthful ones as they usually have more medical issues. As the 77 million baby boomers are receiving closer to heading off age beginning with 2008, the actual drugstore chains anticipate the necessity for medicine to boost in next twenty years.
   • The medication market continues to increase as the US people will continue to develop. A lot more Americans are afflicted by various illnesses. The amount of Americans is affected with seasonal allergies bending in the last fifteen years to 37 mil people per Fortune journal. They invested $54 Billion last year for allergy medications. As their midsection lines balloon (75% of american citizens are forecasted to become either obese or overweight simply by 2020), more Americans are usually diagnosed with diabetes, heart problems at younger as well as younger ages. On top of, doctors also suggest treating various diseases before later because of better understanding regarding the diseases. For instance doctors now recommend antiretroviral drugs for individuals soon after infected along with HIV virus rather than waiting for chlamydia to become PRODUCTS. More doctors mix insulin with oral drugs to treat type-2 Diabetic instead of just dental medicines alone. Each one of these factors boost the size of p market.
   • Advance within genetic engineering features various new hereditary DNA testing kits that allow the genetic associated with vulnerabilities to passed down diseases and issues. Genetic testing currently is the highest development segment in the acte industry. A few of these genetic testing will probably transform directly into direct-to-consumer testing kits obtainable in drug stores soon. On FDA approval, these new services will potentially pull in additional revenue regarding medication stores.
   • The passing of Health Care Change Bill on Next month 23, 2010 provides insurance policy to an approximated 33 million more United states. It is a major show the actual drugstore industry.
   • There are usually new drugs to deal with earlier untreatable illnesses, and brand new diseases, eg Viagra regarding men's unhappiness, Zoloft regarding depression, Avastin for intestinal tract cancer, Herceptin for breasts cancer, Nicotine patches regarding smokers to kick the actual habit, Tamiflu to get a potential bird influenza pandemic, vaccine regarding swine (H1N1) influenza pandemic, Tekturna/Rasilez for high blood pressure and various new medications for AIDS and Add (ADD). The brand new medicines are extremely expensive, eg the year's way to obtain Avastin costs regarding $55,000. Eli Lilly offers sold about $4.8 billion dollars of Zyprexa in 3 years ago for schizophrenia nevertheless most people have not heard of this particular medicine.
   • There are usually existing drugs now authorized to treat new ailments and thus enhance their sales income. For instance Lyrica was initially intended to treat discomfortcaused by nerve harm in people with diabetic. It is currently given the green light by FDA to deal with Fibromyalgia which impacts 5.8 million Americans for each WebMD.
   • Big advancements in genetics, biology as well as stem cells research are anticipated to generate a new course of drugs to deal with diabetes, Parkinson's as well as various rare genetic issues. As an example the new medication Ilaris from Novartis goals genetic causes of a inherited disorder there are just 7000 known cases globally. However, Novartis desires to15325 gradually broaden it is drugs to a successful drug to more prevalent disorders brought on by equivalent genetics.
   • Technologies and modern life present and require brand new products, e.g. pregnancy home test kits, Lamisil regarding stronger clearer bottom nails, Latisse for lengthier & heavier eyelashes, Premarin regarding menopausal symptoms, diabetic monitors, digital toothbrushes, contact lenses, lens cleaners, diet plan pills, vitamins, birth-control pills, IUDs, diet supplements and Cholesterol-lowering tablets (Americans spent almost $26B in 2006 upon Cholesterol medications alone for each IMS Health, the Connecticut-based consulting company which monitors pharmaceutic sales.) You can also get much more surgeries: C-sections, Renal transplants, open-heart multiple by-pass, and breast acc??l??ration. More surgeries indicate more medicines are essential for example Vicodin for discomfort management and Warfarin to avoid blood clots within surgeries.
   • Before designs can get towards the medicine aisles or even pharmacy counters, they need to go by chocolates, sodas, electronic cameras, watches, toys, dolls, sodas and wines, cosmetics, movie games, flowers, fragrances, as well as greeting cards. Medication stores hope you employ the one-hour pictures services and exchange your own liquid propane tanks presently there. The stores additionally carry seasonal items, for example Halloween costumes, as well as "AsSeen upon TV" merchandise, for example Shamwow. As being a result, customers purchase more than their prescription medications and medicine during these drugstores. Ceremony Aid sells much more 28,000 non-pharmacy items inside the stores whilst Walgreens has 22,000 various items at your local home center. CVS documented that non-pharmacy sales manifested 30% of the carrier's total sales in The month of january of 2007. The particular figure for Walgreens is actually 34% and 37% regarding Rite Aid. Numerous pharmacy locations have been in effect grocery stores especially ones which are in residential or even rural areas. And thus Walgreens hopes which customers also acquire WD-44, and mess drivers at its shops instead of in your own home Depot; Thail?nder Jasmine rice, and seafood sauce to avoid making a stop in Safeway or even Kroger Supermarkets. Throughout the recession, sales of the non-drug goods are down as clients buy what they require and not the actual desire. Walgreens attempts to reduce the quantity of items by four thousand. It also presents its own plr which has greater profit margins
   • There tend to be more and more general medications available on the market as being a number of significantly popular brand-name blockbusters will miss their 20-year lengthy patents, for example Lipitor (best selling medication in the world to reduce cholesterol) within 2010, Viagra (you understand what it's for) this year. Drugstores would rather sell generic medications to customers because of higher income compared to brand-name medications.
   • Many people are hooked on pain killers, for example Hydrocodone and consume a number of medicine, for example 30-day dosage in one day to obtain high. Based on testimony in the National Institute upon Drug Abuse, US store pharmacies dispensed nearly a hundred and eighty million prescriptions in 3 years ago for opiates, for example Hydrocodone. A higher percentage of the prescriptions are most likely not useful forany legitimate healthcare purposes.
   • This writer estimates that no less than 10% from the dispensed prescribed drugs are not utilized at all and sit down idle in the medication cabinets. They may be eventually expired as well as tossed away.
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3. These companies sign extremely long-term, NNN leases, assured by their corporate property. This makes the actual investment in the fundamental property fairly reduced risk, specifically for Walgreens by having an A+ S&P ranking. In fact, these types of properties are sometimes known as investment-grade qualities. After the drugstore chains indication the lease, they pay out the rent promptly as well as timely. This writer is not conscious of any properties rented by one of them drugstore stores in which the renters failed to pay housing costs. Even when the shops are closed because of weak product sales (Walgreens closed 119 shops in 2007), these firms may sublease the actual properties to other businesses and continue to pay out rents on the learn rents.
   • A regular Walgreens lease includes 20-25 year main term in addition 8-10 five-year choices. During primary expression and options, you will see no lease increases in most from the leases. This is actually the main drawback to purchasing Walgreens drugstores
   • A regular CVS lease includes 20-25 year main term in addition 4-5 five-year choices. The rent is generally flat throughout the primary term and after that there exists a 2.5%-10% lease increase in the within every 5-year option.
   • A regular Rite Aid lease includes 20-25 year main term in addition 4-8 five-year choices. The lease usually has a rent enhance every five to ten years.
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Investment Risks: Although the actual pharmacy business generally is recession-insensitive, you will find risks associated with your own investment:

1. The main drawback about investing in medical stores is there islittle if any rent push for a lengthy time, for example 20-50 years, specifically for Walgreens. Therefore the rent is efficiently reduced after inflation is actually factored in. This really is you should know these types of properties do not attract youthful investors.
2. The three drugstore chains already have a new powerful competitor, Wal-mart. Wal-mart offers prescription drugs much more than four thousand Wal-mart, Sam's Club as well as Neighborhood Market stores within 49 states. The particular retail giant is well known for launching 5 years ago the highly-publicized $4 generic doctor prescribed drug program which currently sells 350 generic medicines for a 30-day provide. The actual quantity of medications is much less as the medicines with different strengths are usually counted as different medicines. For instance Metformin five hundred mg, 850 mg, as well as 1000 mg are measured as 3 medicines. Wal-mart probably can make very little profits upon these medications ifany kind of. However, the marketing and advertising campaign--created by Costs Simon, the President as well as CEO associated with Wal-mart US, generates plenty of publicity regarding Wal-mart. Wal-mart desires to15325 draw customers in order to its stores to prescriptions where they have higher income. Within an unscientific survey along with just one brand-name doctor prescribed of Lyrica, this writer finds the lowest cost at Costco, the greatest price from Walgreens and Wal-mart in the middle. Various other drug chains attempt to counter Wal-mart in various ways. Focus on now offers the exact same 350 generic medications regarding $4 to get a 30-day provide. Walgreens features a Prescription drugs golf club with membership fee that provides 1400 generic medicines for less than $1/week. CVS states it will match any kind of offers from it is competitors.
3. Chief Company Correspondent Rick Newman through US World & Information Report predicted that Ceremony Aid might not endurein 2009. Whilst Rite Aid remains to be within 2010, dire predictions carry on. The study simply by Audit Integrity gave Ceremony Aid in regards to a 10.5 percent possibility of filing for personal bankruptcy within 2010.
4. Drugs may also be sold in a large number of supermarkets, Focus on stores, and Costco facilities. However, you will find no drive-thru home windows at these stores or even Walmart to conveniently disappear the prescriptions as well as pick up drugs. Customers will never be capable of pick up their own prescriptions during lunch hr or after 7PM from Target stores or grocery stores. They have to have account to buy medicines from Costco. Others might not fill their prescription medications at Walmart simply because they don't wish to mingle with regular Walmart customers that are in low income brackets. Plus some babyboomers don't desire their prescriptions filled from Target or Walmart since there are no comfy chairs so that they can take a seat to wait for his or her medicines.
5. Many rents in areas along with hurricanes and tornados are usually NNN leases apart from roofing and structure. When the roof is actually damaged, you will need to spend on the actual expenses.
6. The renter may move to a brand new location in the future or down the street once the lease runs out. This risk is actually high when the real estate is located in little town that result in low barriers for entry, i.e. plenty of vacant and developable land.
7. The renter may ask for lease concession to improve it is bottom line. The chance is higher when the tenant is Ceremony Aid and if their grocer has low product sales revenue and/or more than marketplace rent.
8. More People in america are walking away using their prescriptions, particularly the priciest brand-name drugs. This may possess negative impact on the actual sales revenue and earnings of drug stores and therefore may cause medication store closures. Based on Wolters Kluwer Pharma Solution, the health-care data company, almost 1 in 10 brand new prescriptions for brand-name medications were abandoned by individuals with commercial health programs in 2010. This really is up 88% when compared with 4 in years past just before the actual recession began. This particular trend is driven simply by up and up co-pays regarding brand name drugs since employers are shifting much more insurance costs for their employees.

Among three drugstore chains, Walgreens as well as CVS pharmacies generally have the greatest locations-at major intersections whilst Rite Aid has under premium areas. Walgreens has a tendency to hire the particular top graduates through pharmacy schools while Ceremony Aid settles with base graduates to save expenses. When possible just about all drugstore chains attempt to fill the prescription medications with generic medications that have higher revenue margins

Walgreens: the company started in 1901 simply by Charles Walgreen, Sr within Chicago. As the company has endured for more than hundred years, most stores are just 5-10 years of age. This is actually the best handled company among three drugstore chains as well as one of the most admired general public companies in america. The organization has been operate by executives with established track records and uses the top graduates through universities. Because of its superior economic strength--S&P A+ rating-- as well as premium irreplaceable locations, qualities with leases through Walgreens get the greatest price per square feet and/or the lowest cover rate among the three drugstore chains. On top of, Walgreens gets toned rent or really low rent increase regarding 20 to 6 decades. The cover rate is often within the low 6% in order to 75% range last year. Investors who also buy Walgreens are usually more mature, for example closer to retirement. They may be searching for a safe expenditure where it's essential to find the rent examine than to get passion. They often evaluate the returns on the Walgreens investment with all the lower returns through US treasury bonds or even Certificate of Deposits through banks. Walgreens opened up many new stores within 2008 and 2009 and therefore you see brand new Walgreens stores on the market. It is going to slow down this particular expansion in 2010 as well as focus on renovation associated with existing shops instead

CVS: CVS Corporation started in 1963 within Lowell, MA simply by Stanley Goldstein, Sidney Goldstein, as well as Ralph Hoagland. Title CVS represents "Consumer Worth Stores". At the time of 2009, CVS offers about 6300 stores within the US, mostly by means of acquisitions. Within 2004, CVS purchased 1,200 Eckerd Drugstores mainly in Texas and Sarasota. Within 2006, CVS bought seven hundred Savon as well as Osco drugstores mostly within Southern California. And 2008 CVS obtained 521 Longs Drugs shops in California, Hawaii, The state of nevada and Arizona regarding $29Bdollars. The particular acquisition of Long Medicines appears to be high quality since it CVS does not take any shops in Northern CA as well as Arizona. Besides, the cost also included real estate property. Additionally it is purchased Caremark, the largest pharmaceutic services company and transformed the corporation name in order to CVS Caremark. Whenever CVS purchased 1,200 Eckerd stores, this formed the single-entity LLC (Limited Responsibility Company) to own every Eckerd store. Every LLC signs the lease contract with the house owner. In case of the default, the owner can simply legally practice the assets from the LLC and never from any CVS-owned property. Although the proprietor loses the guaranty safety from CVS business assets, this author is not really aware of any kind of incident where CVS ends a store and pay out rent

Rite-Aid: Rite Aid started by Alex Lawn (he just died on August 27, 2009 in the associated with 82) and opened up its first store within 1962 as "Thrif N Discount Center" within Scranton, Pennsylvania. This officially incorporated as Ceremony Aid Corporation and travelled public in late 1960s. When Alex Lawn stepped down because the company's chairman as well as chief executive officer within 1995, Rite Aid is the nation's biggest drugstore chain when it comes to total shops and No 2 when it comes to income. His son, Matn Grass, took over unfortunately he ousted in 99 for overstatement of Ceremony Aid's earnings back in the nineties. Rite Aid is currently the weakest monetarily among the three drugstore chains. Within 2007, Rite-Aid acquired regarding 1,850 Brooks as well as Eckerd drugstores, mostly across the East coast in order to meet up with Walgreens as well as CVS. Within the process, it additional a huge long-term debt (currently is in debt for over $569 Billion) and it is one of the most leveraged drugstore string based on its their market value. The mixing of Brooks as well as Eckerd did not appear to work good. Revenue through some of these shops went down just as much as 20% once they change the indication to Rite Assistance. Within 2009, Rite-Aid had more than 4900 stores and also $26 Billion within revenues. The numbers went down completely to 4780 shops and $2553 billion within revenue. On The month of january 21, 2009 Moody's Trader Services downgraded Rite The help of "Caa1" in order to "Caa2", eight notches down below investment grade. Equally ratings are "junk" that indicate very high credit score risk. Rite Assistance contacted several its homeowners in 2009 looking to get rent subside to improve the results. Within June 2009, Rite Assistance successfully completed re-financing $19 Billion of debts. But it continues to battle in 2010 as exact same store sales reduced 25% within June, 17% within May, 1% within April,1% within March, 32% within February, and 21% within January

Things to consider whenever invested in the pharmacy

If you are searching for buying a property rented by drugstore chains, below are a few things must consider:

1. If you need a low danger investment, opt for Walgreens. Within stable or developing areas, the level of safety will be the same whether or not the property is within California to obtain a 6% cap or even Texas where you could get a 75% cover. So, there is absolutely no significant benefit to invest in qualities in California because the property value is reliant primarily for the cap price. In 2010, the actual offered cap rate regarding Walgreens seems to decrease through 7.5%-8.4% last year to 6.5%-7.5% for brand spanking new stores.
2. If you happen to be willing to get more risk, then opt for Rite-Aid. A few properties outside of Ca may offer up in order to 10% cap rate completely. However, one of the 3 medication chains, Rite Aid offers 105% chance of not making it completely. Ought it to declare bankruptcy, Ceremony Aid has the choice to select which areas to keep open as well as which locations to end the lease. To reduce the risk that this store is actually shuttered, choose a place with strong sales as well as low rent to income ratio.
3. Financing ought to be an important concern. While the cover rate is lower regarding Walgreens than Ceremony Aid, it is possible for the most powerful prices and terms regarding Walgreens. The 725% cap Walgreens along with 525% interest rate for the loan will produce more cash flow than the usual 10% cap Ceremony Aid with 9% rate of interest (if you could discover a loan provider for Ceremony Aid)
4. If about to catch a conventional investor or danger taker, you might want to think about a CVS drug-store. They have BBB+ S&P credit score. Its cover rate is more than Walgreens but less than Rite Assistance. Some leases might offer better rent protrusions. One the other side of the coin hand, several CVS leases, specifically for properties in typhoon areas, eg. Sarasota are not really NNN leases where homeowners are responsiblefor the top and construction. So be sure you adjust the actual cap rate down appropriately. A few of the CVS areas have onsite Minuteclinic well staffed by registered nurse practitioners. Since this medical center idea was released recently, it's not crystal clear having a clinic within CVS is a in addition or minus towards the bottom line from the store.
5. All three drugstore chains have equivalent requirements. All of them want extremely visible, standalone, rectangular real estate around 10,000 : 14,500 SF on the 15 - two acre lot, preferably in a corner with regarding 75 - 80 car parking spaces in a developing and high traffic place. They all need the property to possess a drive-thru. Hence, you need to avoid purchasing a inline property, ie not really standalone and property without any drive-thru home windows. There exists a chance these drugstores might not want to continue the lease unless the home is found in the densely-populated area without any vacant land close by.In addition, in the event you acquire a real estate that does not match the new requirements, for instance a drive-thru, you might have an issue getting financing since lenders know about these types of requirements.
6. If the actual pharmacy is opened twenty four hours a day, it really is in a much better location. Drugstore stores do not open their grocer 24 hours time unless the location extracts customers.
7. Many qualities may have a portion lease, ie the owner can get extra rent once the store's annual income exceeds a specific figure, for example $5M. However, the actual revenue used to figure out percentage rent usually excludes a page-long listing of items, eg wines and sodas, using tobacco products, items sold right after 10 PM, drugs compensated by governmental applications. The excluded product sales revenue could are the reason for just as much as 70% associated with store's gross income. As being a result, this writer has seen only two stores where the landlord has the capacity to collect extra percentage rent. Their grocer with a proportion rent must report it is monthly sales towards the landlord. Being an investors, you would like to choose a store along with strong gross sales, for example over $500 per sq . foot per year. On top of, you also wish to check the lease to revenue relation. If the body with the 2-4% range, their grocer will probably be extremely profitable so the possibility the store is power down is actually low
8. It is not important great the renters are, avoid purchasing declining and low-income areas or little towns with under 30,000 residents inside 5 miles diamond ring. In a town, it might be the only real drug store around and captures the majority of the business. However, in case a competitor opens a brand new location within the area, revenue could be severely impacted. These properties are super easy to buy currently and hard to market later. In '09 where the finance market is tight, you might have problems getting a lender to financing these types of properties.
9. Many qualities have an existing mortgage that the buyer should assume. When you have the 1031 exchange, reconsider buying this particular property. You need to clearly understand mortgage assumption requirements from the lenders before continuing to move forward. In case you fail to presume the existing mortgage (assuming an existing mortgage may appear far more challenging than getting a brand new loan), you may go out of time to get a 1031 exchange and may even be prone to pay funds gain
10. With couple of exceptions, drugstore chains never own the shops they occupy for a few reasons. Read about a few them:
    • They understand the pharmacy business however don't know real estate property. Stock traders also don't desire Walgreens to become real estate investment opportunities company.
    • Owning real estate will need them to have lots of long-term debts that is not an excellent idea to get a publicly-traded company.
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11. About 10% from the drugstore properties on the market and usually CVS pharmacies require very little amount of collateral to acquire, for example 10% of the price. However, you need to presume an existing fully-amortized mortgage with zero income. Which is, all the rent compensated by the tenant can be used to pay for down the mortgage. The cap price may be within the 7% range, and also the interest rate for the loan might be attractive within the 55% in order to 6% variety. Hence, the buyer pays off the money in 10 to twenty years. But the investor does not have any positive income. This calls for you to think of outside money to pay tax on the leasing profits (the difference between your rent and home loan interest). The lengthier you own the actual property, the more outdoors cash you will have to pay out income taxes because the mortgage interest can get less and lesser toward the conclusion. Aren't would buy this sort of real estate?
    • The traders who have substantial cuts from other qualities. By acquiring this particular zero income property, they might offset the earnings from the drugstore renter against the losses from all other an investment property. For instance a property offers $105,000 of rental earnings a year, and also the investor also offers losses of $90k from other an investment property. As being a result, the mixed taxable profits are just $5,000.
    • The oblivious investors who neglect to consider that they need to increase additional cash to pay for earnings taxes
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Out of the Container Thinking If putting too much consider on the S&P ranking of the tenants, you might end up possibly taking a wide range of risks or transferring up fine opportunities

1. Good location needs to be the type in your decision where drug store to purchase. It has been said a stinkin' business should do nicely at a great place while the best renter will fail in a lousy place. A Walgreens shop that is closed straight down afterwards (yes, Walgreens shut down 119 stores within 2007) is a bad expenditure even though Walgreens goes on paying rent promptly. Therefore you don't wish to blindly choose a drug shop simply because this hasa Walgreens sign up the actual building.
2. No business is crazy enough to shut a profitable place. Your have a rocket scientist to comprehend that the financially-weak company such as Rite Aid can make every effort to help keep a profitable place open. One the other side of the coin hand, the financially-strong Walgreens will require justifications to help keep an unprofitable place open. What exactly is determine whether a drug shop location is profitable not really if the renter is not needed to disclose its revenue & loss declaration? The answer then is you can not. However, you may make an informed guess depending on store's annual yucky revenue is often documented to the landlord since required by the proportion clause in the lease contract. With the yucky revenue, you can figure out the rent to earnings ratio. The fewer the ratio, a lot more likely their grocer is lucrative. For example, when the annual base lease is $250,000 as the store's gross income is $5M then your rent to earnings ratio is five per cent. Generally associated with thumb, it's difficult to profit issue ratio is usually more than 8%. If you get redirected Rite Aid along with 3% rent to earnings ratio then you understand it's likely an extremely profitable place. When Rite Assistance declares bankruptcy, it is going to keep this place open and continue having to pay rent. Should you see a Ceremony Aid drug store along with 3% rent to earnings ratio providing 11% cap, odds are it's a reduced risk investment with fine returns. The some weakness of corporate guaranty through Rite Aid may not be as vital and the possibility of having Rite Assistance as a tenant is not truly which significant.
3. Drug shops with new more than 20 years leases have a tendency to sell at reduced cap, e.g. 7-7.5% cover on new stores vs . 8.0-8.5% cap upon established locations along with 8-10 years remaining for the lease. The reason being investors are scared that the renters may not renew the actual leases. Unfortunately, loan companies also have exactly the same fear! Consequently many loan companies will not finance medication stores with 2-3 many years left on the rents. The truth that drugstores along with new leases possess a premium for the price means they have got potential associated with 10% depreciation (buying brand new at 73% cap as well as selling at 83% cover when the leases possess ten-year left). A few investors will not think about investing in drug shops with 5-10 years still left on the lease contract. They might just ignore the proven fact that the established shops may be at not avoidable locations with quite strong sales. Renters simply have none other choices apart from renewing the actual lease.

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