Terms of a Lease

Terms of a Lease

“Terms of a Lease” is the length of time the lease is valid for. There are three different “terms of a lease”. The three Terms of Lease are: Monthly, Yearly, and Fixed Term.  

For monthly and yearly termed leases, the lease automatically renews itself each month or year, unless you give notice in writing that you will not be renewing your lease.

Fixed Term leases do not have a notice period, the tenancy period ends on the stated end date in the lease. There is no right as a tenant to stay in the unit after the fixed term lease ends. For students with multi-year programs a monthly or yearly lease may be more secure than a fixed-term lease. At the end of a fixed-term lease property owners do not have to resign with the same person and may mean you end up searching for housing.