Personal Finance

[Question] Rent / Lease Renewal

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  • Mar 6th, 2011 4:21 pm
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Newbie
Sep 19, 2008
33 posts

[Question] Rent / Lease Renewal

Hi all,

Not sure if this is the correct forum to ask this...

The lease on my condo is almost a year now, and the landlord is not taking the place back.
So if I want to continue to live where I am now, do I have to re-sign a one-year lease again? I'm not sure if it's correct, but I heard that if I have rented a place for a year, there's no more lease-term anymore, so rent becomes monthly (with no contract) until I don't want to rent anymore and give a 2 or 3 months notice if I want to leave.

So which one is right?
a) I have to sign a new one-year lease?
or
b) I can just rent it monthly from now on until I want to leave (+ give notice). But would I still have to sign anything to make sure this is how it is?

Also, is there a rule/restriction on how much my landlord can increase rent?
I think I read an article a while ago saying that for this year landlords can only increase very minimal for rent (don't remember where and don't remember how much though)

Any help will be appreciated! Thanks :)

edit: I found out the rent incrase article: http://www.ltb.gov.on.ca/en/Key_Informa ... 67677.html
it says 0.7%, does that mean the landlord can only increase my rent to a MAX of 0.7%?
1 reply
Deal Fanatic
Sep 23, 2007
5654 posts
2168 upvotes
The decision to sign a lease or just do it monthly rests with you and the landlord. If you want to "lock in" the place for a year, and the landlord is okay with that, get a lease signed. If you or the landlord want to be flexible, do month by month. There is no real law about this. It's a transaction between both parties and if you're both agreeable, it's fine.

Yes there is a cap on how much rent can be legally increased. But keep in mind again that both parties have to be happy about the transaction. If you got a steal in year 1 and the landlord wants to lease at market rate, don't be surprised the landlord want you to move out when you refuse a rent increase.

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