I moved into an apartment in St Catharines, Ontario on November 1 2017. We signed a 12-month lease which defaulted to month to month on November 1, 2018 (12 months later). The building was sold in April 2019 and the new owner is now asking us to renew our lease with a small monthly increase ($18) for 12 months (from Nov 2019 to Oct 2020) with two options: defaulting to a 12 month term in Nov 1920 or continuing as a month to month. I am wondering which option would be best? My wife and I are both over 80 years old and healthy at present, but worry about signing a 12 month lease. What lease term would you suggest for us?
12 Months vs Month to Month Lease Renewal
- Thread starter YvanB1938
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Month to month is great if you value flexibility / have a view that rents are going to decrease and want to move opportunistically in the market to get a better deal. If rents are moving up and you don't have a desire to move then it may be worthwhile to stay.
Talking with the LL about the rental increase is worthwhile too - the LL has a minimum amount of ~$500 of cost to refill. So smart tenants can often negotiate away an increase.
Leases are relatively easy to break too if there is any kind of legitimate reason ie. health that requires a move before the full 12 month period. Smaller LL don't really understand this but most larger ones do. Either way, very easy to win as a tenant in court. If it were me, I'd negotiate away the increase and sign the lease.
Talking with the LL about the rental increase is worthwhile too - the LL has a minimum amount of ~$500 of cost to refill. So smart tenants can often negotiate away an increase.
Leases are relatively easy to break too if there is any kind of legitimate reason ie. health that requires a move before the full 12 month period. Smaller LL don't really understand this but most larger ones do. Either way, very easy to win as a tenant in court. If it were me, I'd negotiate away the increase and sign the lease.
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Do nothing. Remain on month to month as landlord can’t force you to sign a new lease. He inherited the old, now expired thus month-to-month lease.
What % increase is $18? Above or below provincial annual threshold ?
Thomas Beyer
Asset Manager, Investor, Author, Father, Mentor www.prestprop.com
==> Check out our latest RRSP or TFSA eligible two year investment with a 40%+ yield target at www.investoliver.ca
What % increase is $18? Above or below provincial annual threshold ?
Thomas Beyer
Asset Manager, Investor, Author, Father, Mentor www.prestprop.com
==> Check out our latest RRSP or TFSA eligible two year investment with a 40%+ yield target at www.investoliver.ca
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My rent will increase from $947.00 to $964.04 which amounts to an increase of 1.80%. I have no problem with it. My concern is that I would hate to lock the lease for 12 months and then have to leave for health or other reason in the middle of the term.
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You do not have to sign any lease. Stay month to month. Landlord can’t force you to sign any lease.
Thomas Beyer
Asset Manager, Investor, Author, Father, Mentor www.prestprop.com
==> Check out our latest RRSP or TFSA eligible two year investment with a 40%+ yield target at www.investoliver.ca