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What are my lease renewal options?

Our standard lease requires two full calendar month notice if you decide you're going to terminate your lease and vacate the property at lease end. But if you don't intend to vacate, you essentially have three different options:

  • Renew your lease at a full 12-month term at the current fair market rent; this is usually a small increase over your existing rent amount
  • Renew your lease for a shorter term of between 3-11 months at a 10% rent premium over the new fair market rent
  • Continue your lease on a month-to-month basis with a 15% increase over your current monthly rent

Please note that GTL reserves the right to not allow a month-to-month or short-term lease depending upon the circumstances, and can terminate a month-to-month tenancy at any time with the minimum notice period required by the lease or the law. Therefore, if you have a minimum period of time you need to stay, it's important to sign a formal lease renewal rather than going month-to-month.

If you intend to do anything other than renewing your lease for a full 12 months, please let us know by emailing support@gtlrealestate.com.