What Is In Lease Agreement

The landlord can also impose a new rental agreement on the remaining tenant. For a residential rental, this new rental is month after month. In the case of a commercial lease of more than one year, the new lease is year after year; Otherwise, it is the same period as the period before the expiry of the initial lease. In both cases, the landlord can increase the rent if they notified the tenant of the higher rent before the original lease expired. A tenant looking for a long-term lease may be put off by the flexibility of a monthly lease, which may allow them to be subject to frequent rent increases or indefinite rental periods. For landlords, the cost of more frequent tenant turnover should also be taken into account, including the costs of advertising, filtering and cleaning.

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