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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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