Tenant's Right of the Month: Renewing a Lease | Real Estate Talk

Posted by Dani in Condos, Real Estate Talk on Dec 7th, 2012

So it?s coming to the end of your?1 year lease agreement and you don?t want to move just yet.? What are you options with your current landlord?

A?new lease can be made?or the landlord and tenant can?agree to renew the lease for another fixed term period.? If a new agreement is not reached, the tenant still has the right to stay as a?monthly tenant.? All the rules of the former lease will still apply to the landlord and tenant. But the landlord can increase the rent each year by the amount allowed under the Tenancy Act.? The landlord must provide the tenant with 90 days notice of a rental increase, with justified evidence of the increase in value.

Source: http://www.realestatetalktoronto.com/real-estate-talk/tenants-right-of-the-month-renewing-a-lease/

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