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Rent / Lease Terms in Vancouver, BC
When renting an apartment in the Greater Vancouver area of British
Columbia you will most probably be doing it under one of the following
lease terms:
- 1 year lease
– The most common form of lease in the greater Vancouver
area. Signing a 1 year lease with the landlord means that you
can not move out within the next 12 months without a penalty
or finding someone to take
over. At the end of the 1 year lease term your tenancy is
usually changed to month to month unless otherwise specified
in your lease agreement. When a fixed term tenancy reverts to
a month to month tenancy, the landlord cannot force a tenant
to sign another lease or agree to another fixed term.
- Short term lease
– any lease term shorter than 12 months. Usually 3 or
6 months.
- Month to month
– also called “No Lease”. A rental agreement
that allows a landlord (owner of an apartment building, condominium
or residence) to rent a unit to a tenant on a month to month
basis. Rent can be slightly higher.
- Fixed term lease
– the lease agreement ends at a specified deadline and
the lease specifies that the tenant will vacate at the end of
the term. Prior to a lease expiring, it is the responsibility
of landlord and tenant to either terminate the lease or re-negotiate
terms. When a lease is renewed, landlords and tenants may agree
to the same or different terms.
- Shared accommodation
– You may sign a lease with one or two other people and
you will divide your living space between each of you. In this
case, everyone of you will be responsible for paying rent. If
one roommate moves out or refuse to pay rent, the remaining
roommates will have to cover the cost.
More on this Subject
Related
Subjects
- Before Renting
/ Shared Housing
- Starting Tenancy / Rental Agreement
Related
Forms
- Residential
Tenancy Agreement - RTB-1 
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