What is the lease ID?

Your Lease ID is the 3-5 digit account number that may be found on your apartment lease agreement followed by the first 3 letters of the primary lease holder’s first name and the first 3 letters of the primary lease holder’s last name.

When does the first lease year start and end?

Lease Year means each consecutive period of 365 or 366 days throughout the Term. The first Lease Year commences on the Commencement Date and expires on the day before the first anniversary of the Commencement Date. Loading…

What is the legal definition of a lease year?

Lease Year means each one (1) year period following the Effective Date and each anniversary of the Effective Date.

How is the commencement date of a lease determined?

However, the commencement date specified on the lease document may be used to determine the lease end date. This is because, most of the time, the “lease term” specified on the lease document “starts” on the commencement date.

What happens at the end of a lease?

A lease does not automatically extend past the end of the term, and a lease renewal will need to be drawn up in order to continue using the property. Some lease agreements include a clause allowing the tenant to continue a month-to-month tenancy after the lease term ends. Lease agreements are binding legal documents.

Is there an end date to a periodic lease?

A periodic lease has no end date. It operates from rental payment to rental payment, which is most often month-to-month.

What happens after a one year lease expires?

After a standard one year lease, most landlords will either let the lease expire, in which case it will default to a month to month rental agreement or have their tenant sign another lease. The benefits of a one-year lease renewal agreement are pretty obvious since you get to increase rent if you desire and lock in the same tenant for another year.

When does a month to month lease make sense?

A month to month rental agreement could make sense for a landlord if they’re looking to sell their unit but it’s very difficult to show a property the way you want when you have someone else living in it. I’ve heard horror stories about messy tenants scaring off potential buyers in this scenario.

Can a landlord change the terms of a lease?

Whether a periodic lease transfers to a new owner or remains with the current owner, the landlord can change any or all aspects of the lease, including ending it, with a notice that is the same as the duration between rental payments. If the rent is due once a month, the notice to change terms is one month, unless otherwise stated in the lease.