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An automatic renewal term is a lease period that renews every month, six months, or year for the same length of time. This arrangement continues until the landlord or tenant terminates the lease.

Fixed-term agreement The landlord/agent cannot end your agreement without grounds before the last day of the fixed term. If the agreement is not terminated at the end of the term, it continues as a periodic agreement.

200bMany landlords do not realise that once a fixed term lease expires, unless there is a formal communication from either the landlord or the tenant that they wish to end the tenancy, the tenancy automatically continues under a rolling or periodic (month to month) arrangement under the same lease terms as previously

A fixed-term lease is a type of rental agreement where the renter agrees to stay and pay rent for the time indicated in the written contract. Renters who break a long-term lease like this typically lose:Their pre-paid rent for the final month of the lease (if applicable)

Landlords and tenants can agree to end the tenancy earlyFixed-term tenancies can only be changed if the landlord and all the tenants agree.The landlord may charge a fee for ending the fixed-term early. These fees should only be their actual and reasonable costs. For example, the cost to advertise for new tenants.

A fixed-term lease, or term lease, refers to a rental lease with a designated start date and end date. Term lease agreements typically range from 6-months to one year. There are instances, however, of term lease agreements ranging for longer periods of time, like a 2-3 years.

A lease rate is an amount paid by the lessee to the lessor for use of an asset for a set period of time. Lease rates are generally expressed as dollars per month, but they can also be stated as dollars per square foot of space per yearas is the case with commercial real estate.