Extending a Short Term Tenancy Agreement: What You Need to Know
As a tenant, there may come a time when you need to extend your short term tenancy agreement. This could be because you`ve found the perfect apartment, but your current lease is about to expire, or you simply need a bit more time to decide on your next move. Whatever the reason, extending your short term tenancy agreement is a possibility, but it`s important to know the steps involved.
First and foremost, it`s crucial to understand the terms of your current lease. Short term tenancy agreements, also known as month-to-month leases, typically allow for easy renewal but may require advance notice. This means that you should check your lease agreement to see how far in advance you need to notify your landlord or property manager about your intention to renew.
Once you know the notice period required, you should contact your landlord or property manager by phone or email to express your desire to renew your tenancy. In most cases, they will be happy to accommodate your request, but it`s important to ask for confirmation in writing. This can be in the form of a simple email exchange or a written addendum to your current lease agreement.
It`s important to note that extending your short term tenancy agreement may come with a rent increase. This is because landlords and property managers may charge a higher rate for leases that are extended on a month-to-month basis. You should expect to negotiate rent increases with your landlord or property manager, and be prepared to show that the rate you`re paying is in line with the market value for similar rental units in your area.
Another thing to keep in mind when extending your short term tenancy agreement is that you may be required to sign a new lease agreement. This is a standard practice for landlords and property managers, as it helps to ensure that they have up-to-date information on your tenancy and can adjust their rental policies accordingly.
In conclusion, extending your short term tenancy agreement doesn`t have to be a complicated process. By knowing the terms of your current lease, contacting your landlord or property manager, negotiating any rent increases, and potentially signing a new lease agreement, you can get the extra time you need in your current rental unit with minimal stress.