Everything you need to know about renewing your lease

Everything you need to know about Renewing your Lease

When your rental period is coming to an end and you wish to renew your lease, it is important to know a number of things before deciding what to do. This article will provide you with some valuable information to aid you in determining whether or not to renew your lease and all of the different precautions to take when that time comes.

Notification

You are required to inform your landlord of your intention to either renew your lease or simply let it expire and move by the date specified in the rental agreement. The amount of time you have to give this notification varies depending on the province or territory, so you will need to take the time to find out how long you have to provide your landlord with notice. Many landlords will send you a reminder that your lease will be up in the next month or two and it will ask you to inform them of your decision to renew or not.

 Negotiating Terms

If there are certain terms in the lease that you wish to be modified in some way, you will need to talk with your landlord about it. Some landlords are amenable to this type of negotiation, but others will refuse and it is their right to do so.

Rent Increases

Most landlords will raise a tenant’s rent when their lease is set to expire, but depending on the province or territory, they are usually only allowed to do so every 12 months. Some landlords will be amenable to negotiating the amount that rent is increased by, so it is a good idea to at least discuss this matter with them. The landlord has no obligation to negotiate the rent increase, but they are required to provide you with a certain amount of notice if they do decide to raise the rent. The amount of notice that the landlord needs to give varies from place to place, so you will need to check the legislation in your area to find out. The notice that you receive should have the amount of the rent increase as well as the date it is set to go into effect. If you do not want to renew your lease because the increase of rent is too high, you have the right to notify the landlord of your intention to terminate. However, you must provide your landlord with this notice within the required period of time.

Reaching a Decision

There are a number of different things to consider when you are trying to decide whether or not to renew your lease, including any rent increases, if applicable, how satisfied you are living in the unit overall and the terms of the agreement. It is important to reach a decision within a reasonable amount of time, as you will have to provide your landlord with a notice to either renew or terminate the rental agreement. If you fail to notify your landlord by a certain date, you will either be forced to sign a new lease or you will be responsible for at least another month’s rent.