Should you renew your lease or go month to month?

Today we are going to talk about the pros and cons of renewing your lease vs. going month to month at the end of the lease term.

Ultimately this decision is going to be dependent on your future plans and how much security vs. flexibility you want with your rental. It's important to note that your landlord cannot force you to sign a new lease agreement - it is well within your rights to go month to month without signing any additional documentation.

So why might you want to renew your lease for another year? If you're confident that you want to stay put over the next year, renewing your lease protects you from being forced to move out under reasons allowed by the RTA. Common reasons include:

- The landlord has sold the property and the new buyers want to move in

- The landlord themselves want to move back into the unit

- The landlord's immediate family wants to move into the unit

By renewing your lease, you are guaranteeing that you cannot be asked to leave for that next year. A lease agreement runs with the property, so if the Landlord does sell the rental unit while you are within your lease, any prospective purchaser would have to honour the rest of the lease term.

Why might you want to go month to month? The simple answer is that this option offers you the most flexibility if you are not sure what your plans are. With 60 days notice, you have the ability to leave at any time and you're not committing yourself to another full year.

I get this question a lot from my clients who are at the end of their leases, so I hope this helps anyone else wondering the same.