We’re searching for answers after a Boynton Beach business owner reached out to us about how increasing rent is forcing him to shut down his business.
Ron Katz, the owner of the Pet Supplies Plus in Boynton Beach, said his rent has increased by nearly $10,000 a month and told WPTV he can’t foot the bill.
He took out loans to open the business in April 2023, using his house as collateral, and now he said the bank may also come for his home too.
He said the strip mall, where his business is located, recently sold and said the new owner blames the rise in taxes and insurance costs for the increase in rent.
Katz said his original rent, which was $25,000 a month, has increased to more than $32,000 a month. He said he’s tried to work something out with the bank and the new owner to no avail. Adding that, no matter who moves into the space next, it would take a long time for the new owner to breakeven.
“I went over the numbers and if it takes them a year to rerent this place at the increased number they’re talking about,” Katz said, “it will take them eight to nine years to breakeven on the increase. So, realistically the devil you know is better than the devil you don’t know.”
We reached out to the property management company for comment and have not received a response yet.
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