What Happens When The Lease Agreement Ends

Check your contract before the end of the period to see if you need to cancel and how much termination you should give. It`s a good idea to let your landlord know you`re planning to leave, even if it`s not mentioned in your agreement. A rental concession is a reduction in rental costs by the property manager in the hope of finding a tenant faster. This tactic is often used when the rental market is not as promising as expected. For example, if your monthly rent is $1,200, but your lease provides for a $50 concession, you only pay $1,150 in rent. While concession fees are great for tenants, they may not persist for the extension of your lease. Be aware of this if you are considering renewing your lease. The landlord is not obliged to send the tenant any type of written notice.

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