Leases of less than 12 Months: Do not Delay

If you have a lease of less than 12 months ending on June 30th, you have until May 30th to send the Notice of modification, whether it is regarding rent increase or other changes to the terms of the lease. CORPIQ however recommends to act sooner rather than later because, similar to the 12-month leases, the tenant has one month to respond.

Therefore, a notice delivered on the final day, for example, would leave the tenant with only 30 days to inform you that he is not staying. This would hardly give you enough time to display your unit on the rental market before the first of July.

One of the changes to the lease could rightly regulate its duration by stretching it to 12 months. Without this modification, a lease of 9 months, for example, would be extended for the same period.

Make sure you have written proof or a witness attesting that your tenant received his notice of change in time. If this is the case and the tenant fails to provide an answer within the period of one month, it is safe to assume that the new conditions you have suggested are accepted. Feel free to contact one of our property management advisors for more information.