Lease Renewals – What you need to know!

As per the Residential Tenancy Act, all fixed-term leases are renewed automatically on a month to month tenancy unless the tenancy is first terminated upon the maturity date of the fixed-term lease from either the Tenant or Landlord providing appropriate and legal notice to do so.

At the end of a one year fixed term lease, the Residential Tenancy Act permits a landlord to increase a tenant’s rent as per the allowable guidelines, or to a specific amount if your rental unit is exempt from the rental increase guidelines.

For example, if your one year tenancy ends on July 30th, 2017, your next rental payment would be at the increased amount.  Following this, the landlord is legally permitted to increase a tenant’s rent every year.